Bored Ape Yacht Club’s creator will no longer support OpenSea NFT marketplace in fight over payments!

The parent company of Bored Apes, CryptoPunks, and Meebits, Yuga Labs announced yesterday that it would block the ability to trade its newer NFTs on OpenSea by February 2024. The announcement was released after OpenSea’s decision to stop collecting royalties on behalf of NFT creators. That means a huge blow to the business of companies like Yuga, which had a high turnover by reselling their NFT collections. Indeed, the ban only applies to upgradable contracts and newer NFTs. It should be noted that Bored Apes were sold for around $220 at launch, which is a lot less than the $216,000 Jimmy Fallon is believed to have paid for one less than a year later. Resale fees aren’t the only way that NFT businesses can make money, but it’s certainly among the primary ways!

Add a Comment

Your email address will not be published. Required fields are marked *