NFT Markets Bring Thunder from Yuga Labs!

The NFT market isn’t as stellar as it was a year ago. The volume of sales is declining, even if the quality of the products is expected to remain unchanged. The creators are having a tough time right now. This is not surprising for those who know the direct dependence of this market on that of cryptocurrencies.

This challenge still to be won, the creators of NFT find themselves at the foot of a new wall to climb. Things seem to go from bad to worse as big names like Yuga Labs join the ranks of the plaintiffs.

Marketplaces are pitted against creators in NFT trading. The new facts of the NFT crisis would leave them no choice. Yuga Labs and his friends don’t intend to leave the game without a fight.

The creators humiliated

It is clear that the market is currently scarce on the platforms of business. Neither marketplaces, creators of non-fungible tokens, nor customers have the power to reverse the trend. In this closed circle, therefore, it takes a sacrifice to make more profit.

It is at this level that marketplaces, at least most including Opensea, have decided to remove royalties. Yes, creators will no longer be able to collect their royalties on NFT exchanges. It’s a real humiliation for them.

In the case of Yuga Labs, the news is very heavy. NFT fans know how BAY extension had potential over time. Today, despite the downward trend of the market, they are on the reference list. It would be unfair for the creators of these simian figures to no longer receive royalties.

False good idea

Depriving creators of their royalties is not a solution to remedy the crisis in the blockchain market. It would be an extra weight to attach to the ankle to sink completely into the abyss.

Marketplaces are walking into a trap that will bring down their business after a while. This policy will reduce the number of contributors and trading will die by itself.

The solution

Finding an easily applicable solution to this concern is not easy. Exchange structures are already in place and have been functioning for some time. Making an internal change could compromise the correct functioning of the market.

If creators create code to get their royalties into smart contracts, for example, users will be broke. They will have to pay for each transaction and it is not beneficial to anyone.

Yuga Labs therefore proposes the creation of an authorization list that presents marketplaces that are always ready to respect the granting of royalties.

Opensea is sadly in the collimator from the makers of NFT. It is one of the most trusted trading platforms but no longer intends to support creators.

The functioning of the exchanges is so far unchanged. Yuga Labs and company plan to create this authorization list at the same time to continue collecting their royalties.

Annaelle

Do you know the expression BFF? Best friends forever? Well I, Annaëlle, am Victoria’s best friend. Passionate about crypto myself, I’m coming to give him a hand on his blog… by lending him my pen 🙂

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