Mark Cuban and the NFT Community oppose OpenSea's royalty reform

Mark Cuban and the NFT Community oppose OpenSea's royalty reform

Play To Earn Games | 08 May 2024 09:48 UTC

In a shocking turn of events, major players like billionaire entrepreneur Mark Cuban and Yuga Labs, which made the Bored Ape Yacht Club, criticized the popular NFT trading platform OpenSea. OpenSea announced on Thursday that it would no longer enforce creator royalties, which caused a big fuss. Many people were upset and angry about this decision.

Explore More: Dive into a world of gaming at its most innovative. Discover additional games and read insightful reviews on our Games page. Stay current with the latest in crypto, NFT, and blockchain gaming, including play-to-earn and Web3 developments, by visiting our News page. For daily updates and all the latest content, make sure to check our Homepage.

Mark Cuban, who is well-known in the tech industry and the NFT space, went on Twitter to say that he strongly disagreed with what OpenSea did. He stressed how serious the situation was and said that not collecting and paying royalties on sales of NFTs would not only hurt trust in the platform but also hurt the whole industry. Cuban's words were important because of his status and experience in the crypto space. For example, he was an investor in OpenSea until the company's Series A funding round in 2021.

With this announcement, OpenSea changed the way it handles creator royalties. The platform said that as of August 31, buyers of NFTs that have already been sold wouldn't have to pay a creator fee. This change had a big effect on artists and teams that depend on passive income from reselling their work. Before, creator royalty fees of between 2.5% and 10% were an important part of the NFT ecosystem. They made sure that artists were still paid after their first sale.

Many people thought that the decision was made because of pressure from other NFT marketplaces that had cut or eliminated creator royalties to attract buyers. Devin Finzer, who is the CEO and co-founder of OpenSea, has said in the past that creator fees are important for protecting artists' rights.

Notably, Mark Cuban's criticism was especially interesting because he is a fan of NFTs and an investor in OpenSea. Even though Cuban was part of the platform's $23 million Series A funding round in 2021, those who thought that creator royalties were important to the integrity of the NFT ecosystem strongly agreed with him.

Yuga Labs, which made the Bored Ape Yacht Club NFTs, has joined the group of people who don't like what OpenSea did. In response to the policy change, Yuga Labs said it would stop being compatible with OpenSea over time. This answer focused on how OpenSea's choice affects the NFT creator community.

In a related event, a group of investors who bought Bored Ape Yacht Club NFTs started a lawsuit against Sotheby's Holdings Inc. and a number of celebrities, including Paris Hilton, Gwyneth Paltrow, Kevin Hart, and others. The lawsuit said that misleading advertising and lies about how much the NFTs were worth had led to false hopes of making money. The investors said that they bought the NFTs because they thought they would make money, but that didn't happen.

During the height of the NFT craze, the value of Bored Ape NFTs was in the six figures. However, they are now much cheaper on platforms like OpenSea. This case showed how complicated the NFT market is and how legal problems may come up as the market changes.

In short, OpenSea's decision to stop enforcing creator royalties made important people like Mark Cuban and NFT creators like Yuga Labs very angry. The controversy shed light on how complicated the NFT ecosystem is and brought attention to the problems and possible legal consequences of the NFT market.

Mark Cuban and the NFT Community oppose OpenSea's royalty reform
Mark Cuban and the NFT Community oppose OpenSea's royalty reform

Play To Earn Games News

Thank you for visiting PlayToEarnGames.com! Your one-stop shop for everything related to play-to-earn, crypto, NFTs, blockchain, and Web3. With reviews, videos, and articles available across platforms, you can stay up to date on the newest and best play-to-earn games.

We're here to help you improve your gaming experience by providing information on game tokens, whitepapers, and social media buzz. Dive into our "Best Games" and "Game Lists" sections for top P2E picks, and check out our "Video Game News" section for daily updates.

Do you have any exciting game news? Send us your press release, and our PlayToEarn Game news team will cover it. Join us as we search for the best play-to-earn games and delve into the world of Web3 gaming. Choose PlayToEarnGames.com for P2E news and excitement!

Want to stay updated about Play-To-Earn Games?

Join our weekly newsletter now.

See All
Discover Epic Ragmons in Ragnarok: Monster World - NFTs and More!

Discover Epic Ragmons in Ragnarok: Monster World - NFTs and More!

Get ready to meet the Ragmons, the new stars of Ragnarok: Monster World! These unique creatures will revolutionize your strategic tower defense battles. Divided into five rarities—Common, Rare, Epic, Legendary, and Mythic—each Ragmon boasts exclusive skills and movesets. Imagine creating diverse decks tailored to your strategies! At launch, expect 30-40 Ragmons, with new ones added every season to keep the gameplay fresh. Are Ragmons NFTs? You bet! They're available as off-chain characters and on-chain NFTs, making the game accessible for Web2 gamers while offering ownership options for NFT enthusiasts. The Web3 integration ensures balanced gameplay with no unfair advantages. Plus, you can convert off-chain creatures into NFTs! Collect and level up your Ragmons through exciting events, quests, Gacha, and Lottery events. Use the Level Up Merge feature to enhance your Ragmons' levels. Remember, merging isn’t always guaranteed, adding an extra layer of strategy to the game.

Read more
Wild Forest's Insane Pre-Release NFT Sale on Ronin Blockchain!

Wild Forest's Insane Pre-Release NFT Sale on Ronin Blockchain!

You won’t believe what’s coming! Wild Forest is about to drop its insane pre-release NFT sale on May 23rd, offering over 13,000 exclusive NFT packs. This web3-enabled RTS game on the Ronin Blockchain lets you build bases, gather resources, and crush opponents in a style reminiscent of classics like Warcraft and Starcraft. Dive into the action with Play-to-Airdrop events, where you can earn points on the "Honor Leaderboard" by advancing in the battle pass, owning Wild Forest NFTs, and engaging with the community. The market is buzzing with high demand for these NFTs, so don’t miss your chance to secure your spot and grab those Standard, Premium, and Founder packs. Join the Wild Forest revolution and gear up for this epic adventure in web3 gaming!

Read more
Param Labs Snags $7M for Kiraverse and Web3 Gaming

Param Labs Snags $7M for Kiraverse and Web3 Gaming

Param Labs just snagged a whopping $7 million in funding for their awesome web3 game, Kiraverse! This round was led by big names like Animoca Brands and Delphi Ventures, along with many other top-tier investors. The funds will boost Kiraverse and their innovative Pixel to Poly service, which converts 2D images into 3D avatars. Param Labs is on fire with over 2.5 million Twitter followers and 300,000 daily active users. And that’s not all! They’re building an Ethereum-based blockchain to revolutionize their gaming ecosystem. With strategic advisors and epic partnerships, Param Labs is set to redefine web3 gaming. Stay tuned for more exciting updates!

Read more

Play To Earn Games: Best Blockchain Game List For NFTs and Crypto

Play-to-Earn Game List
No obligationsFree to use