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Yuga Labs’ founders support creators royalties in blog post

Image source: The Cryptonomist

Yuga Labs’ founders, the folks behind Bored Ape Yacht Club, are slamming marketplaces for rejecting creator royalties.

The founders defended the creators of NFT in a case that led to markets rejecting them.

The Yuga Labs’ founders suggested a community-driven “allowlist” model that would allow creators to designate marketplaces that handle secondary sales of their works.


NFT market leader OpenSea made the rounds over the weekend, saying it could follow the current trend of dropping license fees for NFT creators.

The trend includes the lack of copyright enforcement on secondary sales.

As a result, many creators oppose their choices.

In turn, the Yuga Labs’ founders also joined their cause.

Founders Wylie “Gordon Goner” Aronow, Greg “Garga” Solano, Kerem “Tomato” Atalay, and 10KTF CTO Randy “Melonpan” Chang recently posted an article.

The post states that the founders of Yuga Labs speak out against the industry’s departure from respecting creator royalties.

Instead, they offered a technical solution to enforce creator royalties.

Read also: Coinbase safe from FTX exposure, says CEO

The proposal

The Yuga Labs’ founders offer an “allow list” model for developers to allow secondary exchanges through marketplaces that recognize royalties.

If a marketplace’s smart contract is listed, the transaction will be completed; otherwise, it will not.

However, standard wallet-to-wallet transfers will not be affected.

“The NFT ecosystem would be a tiny fraction of what it is today if it weren’t for creator royalties,” the Yuga Labs’ founders wrote.

“The leading marketplaces of the past couple years would be nowhere if they hadn’t supported them.”

They noted that when Bored Ape Yacht Club NFTs launched for $220 worth of Ethereum last year, they set a 2.5% royalty on secondary sales.

The founders explained that this was the amount charged by OpenSea for its market fees.

The license fee is lower than the fee chosen by other NFT creators, often between 5% and 10% of the retail price.

“The end result has been that OpenSea has made around $35 million dollars from Bored Ape sales on its platform, not including any of our other collections,” they wrote.

“We’ve never met the founders, but perhaps they have a beach house somewhere with a plaque for us.”

Yuga Labs

According to Galaxy Digital, BAYC founders earned over $147 million royalties from creators on secondary sales last month.

Today, however, NFT royalties are less durable.

Although the creators can put them in smart contracts, they are not fully enforceable on the chain.

Markets should honor them as most did until recently.

Read also: Yuga Labs reveal plans to turn Otherside into an adult Web3 Roblox

The marketplaces

In the Solana NFT space, nearly all secondary sales are on platforms that reject creators’ royalties or make them optional.

The move came after Magic Eden made them optional after losing market share to rivals.

Meanwhile, markets like LooksRare, Blur, X2Y2, and Sudoswap in Ethereum have also taken a similar approach.

OpenSea always has honored creators’ copyrights, but the company recognized the spatial change.

They said it could make creator royalties optional for merchants and explore new application models or charge royalties only on certain projects.

The creators in the Web3 space did not handle the OpenSea news well.

The founders of Yuga Labs joined the case, claiming that the denial of copyrights for the creator is a “race to the bottom” in which they believe OpenSea will participate.


Bored Ape Founders propose NFT royalties model, decry OpenSea’s stance as ‘not great’

DeGods NFT make progress towards Ethereum switch

Image source: NFT Now

DeGods: NFT whales are people or organizations that possess significant holdings of NFTs, which are distinct digital assets that cannot be duplicated.

They frequently exert a large amount of market power and may be investors, collectors, or NFT producers.

They may be able to regulate pricing, supply, and demand for specific NFTs since they hold a sizable number of NFTs.

The goal of one NFT whale’s purchase of 69 DeGods NFTs through Magic Eden was to connect them to Ethereum.

DeGods NFT

DeGods have emerged as one of the most well-known NFTs in the Solana NFT sector, garnering more trading volume in SOL than other projects.

DeGods is a 10,000 virtual god NFT collection of deflationary art with a Solana base.

A significant stakeholder in the market has expressed interest in the NFT project’s ambitions to move to Ethereum.

DeGods NFTs were introduced in late 2021, but their value and notoriety didn’t increase until 2022.

Under the alias Frank or Rohun Vora, a reward token was introduced by the DeLabs developer.

Additionally, it unveiled fresh artwork and acquired the rights to a BIG3 basketball league franchise.

DeLabs has also unveiled y00ts, a followup to DeGods.

The news

A fabricated NFT trader named Pokeee spent over $1 million on 69 DeGods NFTs on Monday.

He acquired the NFTs via the Magic Eden marketplace’s “sweep the floor” features, which let purchasers acquire a certain number of NFTs from a project.

Traders generally spend a certain quantity of cheap NFTs in a project, especially if they think the collection will succeed in the future.

Purchase buildup

Pokeee said on January 13 that he would obtain the expensive purchase if his tweet received 1,000 likes.

In order to assist the project’s move to Ethereum, he declared he will purchase 69 DeGods NFTs.

He completed the over $900,000 acquisition three days later.

Read also: NFTs Provide a Way for Ukraine to Preserve Its Cultural DNA

The marketplace

Previously, Magic Eden’s bulk buying option only permitted the purchase of 50 NFTs at once.

However, a potential customer pressed the market to improve its features and permit the greater mass purchase.

The buyer pleaded with the market that the modification was of “ultimate inconvenience.”


The massive DeGods investor claims to be the owner of the Pokeee.eth Ethereum, as well as three expensive Bored Ape Yacht Club NFTs, the Ethereum Name Service (ENS), and other NFT valuables.

Additionally, Magic Eden published on its website that Pokeee claimed to be the owner of a private cryptocurrency fund.

The NFT collector also acknowledged that he purchased the NFTs to help with the switch to Ethereum.

“My purpose of this investment is actually to have them bridged to ETH,” said Pokeee.

“Due to on-chain risks, I wasn’t able to deploy larger portions of my portfolio into Solana.”

“I was having fun in Solana on smaller NFTs and mints back then.”

Trading volume

Data from CryptoSlam shows that approximately $135 million worth of trade activity has been generated for DeGods.

The NFT project outperformed other popular SOL ventures like Solana Monkey Business and Degenerate Ape Academy in terms of total USD trading value.

DeGods now leads all SOL projects in trade volume with 3.7 million SOL.

The switch

The DeGods NFT project will be connected to Ethereum’s mainnet, according to a late December announcement by DeLabs.

y00ts will move to the Ethereum sidechain Polygon in the meantime.

The changes will be finished by the end of the current quarter, according to DeLabs.

They also revealed that Polygon Labs gave them a $3 million grant, enabling y00ts to transfer to Polygon.

DeLabs will use the money to help the NFT ecosystem by investing in hiring initiatives and subsequently launching a cryptocurrency incubator.


A Bored Ape whale just spent nearly $1 million on DeGods NFTs

Polygon paid y00ts NFT collection $3 million to leave Solana

2022 NFT sales were positive despite market crash

Image source: Kiplinger

NFT: A digital asset known as an NFT signifies ownership of a unique object or item.

It could be a tweet, a work of art, a collectible, a video game item, etc.

A blockchain, a decentralized and secure digital ledger, is where NFTs are stored.

Their capacity to prove ownership and authenticity of digital things has attracted much interest in recent years.

2021 popularity

NFTs saw a rise in popularity in 2021, especially in the art industry.

Digital artworks have been sold using NFTs for high prices; some artists have made millions from the sale of their NFTs.

The convenience with which NFTs may prove a digital item’s ownership and authenticity is one of the factors contributing to their appeal.

Since digital artworks can be copied and shared online, the art world finds this particularly enticing.

Another factor contributing to NFTs’ appeal is the ease with which people can buy and sell them, thanks to online markets.

2022 market

The NFT and cryptocurrency sectors experienced months of falling sales last year.

Despite a sharp decline in cryptocurrency values, the entire NFT sales volume nearly reached its peak in 2021.

Data from DappRadar indicates that a positive start to the market in 2022 contributed to the final tally, offsetting the subsequent months of weakness.

Over $24.7 billion in organic trading volume was created last year on blockchain platforms and marketplaces.

Even so, it represented a minor decline from the $25.1 billion total in 2021, when the industry surged and tokenized collectibles started to gain specialized interest.

Wash trading

The information DappRadar provided omits suspicious trades, particularly those resulting from wash trading.

Wash trading is the practice of traders selling their NFTs at inflated prices back and forth within their controlled wallets.

Trading typically takes place to benefit from a token rewards mechanism on marketplaces.

The figures didn’t include wash trade worth billions of dollars from sites like LooksRare and X2Y2.

Both markets provide virtual incentives for trading.

Trading volume

Although trading volume was static throughout the year, DappRadar saw an increase in the number of NFTs exchanged.

In 2022, the firm recorded over 101 million trades, up from 58.6 million in 2021.

However, because of the unstable cryptocurrency and NFT pricing, NFTs were traded at lower USD values.

Read also: Coinbase stock price jumps after settlement

Falling value

The value of the cryptocurrency market decreased significantly in 2022.

Following the breakdown of Terra’s LUNA and UST in May, the losses were severe.

The collapse of FTX, which had a ripple effect on cryptocurrency values, worsened the crypto winter.

In 2022, the NFT market took a similar trajectory.

Due to the momentum from 2021 continuing into the new year, sales were strong in January.

OpenSea reported a $5 billion trading volume record.

The following months saw a decrease in trading volume, however.

The debut of Yuga Labs’ Otherside stabilized the market in April, which helped OpenSea set a single-day trading volume record.

By that point, the 2022 sales volume appeared to surpass the 2021 total.

May collapse

The spike in sales only lasted briefly as crypto prices took a steep fall in May.

As a result, NFT trading prices fell sharply, losing their momentum.

In May, monthly volume declined from almost $3.3 billion to over $1 billion in June.

Since then, the market has been unable to reach the same heights as the $1 billion mark.

Leading NFT

The Bored Ape Yacht Club was the most popular NFT project in 2022.

It produced trade volume reaching close to $1.6 billion.

However, the bulk of the trading took place from January to May.

Due to this, starting prices decreased from a peak of $429,000 worth of ETH in late April to the more recent $60,000 in November.

Closing market

The NFT market began 2022 with a bang but ended the year in a hush.

In November, trading improved marginally, while NFTs sold in December recovered from a decline.

DappRadar estimates that the market generated roughly $684 million in organic trades in December, up from an adjusted total of $662 million in November.

That month saw the sale of more than 6.7 million NFTs, up from 4.8 million in November and 6.1 million in October.

With approximately $297 million in organic NFT trades in December, OpenSea remained the market leader.

Blur, a new rival encouraging trading with the promise of token incentives, saw a surge in December from $115 million to $177 million.

Solana continued its patchy performance, decreasing from November’s $95 million to $70 million.

After almost generating $134 million in NFT sales, it decreased in October.

In addition, after the FTX crash, SOL values decreased in November and December.


NFT sales in 2022 nearly matched the 2021 boom, despite market crash

Solana gets positive start for 2023

Image source: Bloomberg

Solana: The cryptocurrency market has been quite volatile over the past year, with some coins rising while others were plummeting.

Solana, however, is off to a strong start in 2023 as its price surges.

The price of Solana (SOL) increased by 12.7% over the past 24 hours based on CoinGecko.

As a result, after a few days of trading below double digits, the price increase propelled the cryptocurrency to recapture $11.

As of this writing, Solana costs $11.11.


Vitalik Buterin, the creator of Ethereum, tweeted last week to express his support.

“Some smart people tell me there is an earnest smart developer community in Solana,” he wrote.

“[And] now that the awful opportunistic money people have been washed out, the chain has a bright future.”

“Hard for me to tell from outside, but I hope the community gets its fair chance to thrive.”

The cryptocurrency

Solana’s New Year rally has increased support, but it hasn’t undone the beating the so-called “Ethereum killer” has received in recent months.

Solana’s value is down -19.3% from a month ago and -93.8% from a year ago.

Additionally, the value of the cryptocurrency has decreased by 95% after reaching an all-time high of nearly $260 in November 2021.

Furthermore, SOL dropped from being the fifth-largest cryptocurrency by market cap in November 2022.

It recently dropped to outside the top 20.

But Solana is now occupying the 18th position.

Read also: Caroline Ellison’s statements implicates SBF

FTX/Alameda ties

The collapse of the cryptocurrency exchange FTX is most likely to blame for the recent decreases in the value of cryptocurrencies.

The Solana Foundation disclosed information about its financial connections to FTX and its sibling company Alameda Research in November.

Due to its connections to the cryptocurrency exchange and Sam Bankman-Fried, Solana sustained one of the more significant losses from the crash compared to other cryptocurrencies.

The Solana Foundation claimed that on November 6, before the site stopped allowing withdrawals, it had over $1 million in cash or assets of a similar value on FTX.

Currently, the assets are locked on the platform.

The Foundation added that it only represents a small portion of its overall funding—less than 1%.

Other shares

3.43 million FTT tokens and 134.54 million SRM tokens from the decentralized exchange Project Serum were also held by the Solana Foundation in addition to 3.24 FTX Trading LTD common stock.

The total value of the SRM tokens was over $29.3 million, while the total value of the FTT tokens was over $4.36 million.

The price of the tokens dropped significantly, though.

In addition, FTX and Alameda Research acquired over 50.5 million SOL from the Foundation for about $708 million.

Until 2028, a substantial section of the SOL is restricted to monthly unlock schedules.

Abandoning ship

Since then, several significant projects have declared their intention to depart the Solana ecosystem.

Two prominent Solana NFT projects declared their departure from the blockchain last week.

The crypto community was stirred by the news from DeGods and y00ts.

DeGods disclosed that they would shift to Ethereum in early 2023, while y00ts, a sister project, would transfer to Polygon at the beginning of this year.

As a result, the DUST coin from DeGods will move to the respective blockchains.

Read also: Jon Tester, US Senator, still dismissive of crypto


The announcement prompted differing opinions from the Solana NFT ecosystem and community members.

Some were happy to see it happen, while others disagreed.

CEO of Polygon Studios Ryan Wyatt said:

“At the beginning of the year, we noticed that much of the creator economy’s attention was focused on ETH and Solana.”

“Therefore, we decided to go against the trend and focused on the untapped potential of web3 by onboarding large enterprise brands, DeFi platforms, and gaming companies.”

“We did this successfully through ecosystem fund investments and white-glove partnership support.”


Solana jumps double digits to reclaim $11

Solana Foundation details FTX, SBF financial ties as SOL struggles

Top Solana NFT projects DeGods and y00ts to leave the blockchain and ‘explore new opportunities’

Creator royalties to stay on several NFT marketplaces

Image source: Coin Market Cap

Creator royalties have recently become the hottest topic in the NFT space.

Most of the NFT market was in favor of withholding creator royalties.

Even OpenSea, the largest marketplace in the space, has been considering making creator royalties optional.

However, pushback from creators prompted the market to keep the royalties.

Rival marketplace Ethereum also says it will ensure there are still royalties for creators.

The news

X2Y2, the Ethereum NFT market, launched earlier this year and has seen significant trading activity over the summer.

Over the weekend, X2Y2 announced that it would enforce creator royalties on all NFT collections, from existing projects to recently launched ones.

Previously, the marketplace offered a flexible royalty model that gave creators and collectors input into how X2Y2 enforced project royalties.

However, only specific types of NFT projects (artwork and access passes) can choose to apply royalties in full.

Profile Picture projects (PFP projects) were not eligible for the option.

Read also: Yuga Labs’ founders support creators royalties in blog post


X2Y2 praised OpenSea for taking a stand on Twitter this weekend for its stance on creator royalties.

The market has admitted that many new projects have used OpenSea’s block code, preventing non-royalty NFTs from being traded on the markets.

“Putting belief aside, if there was anything self-evident in crypto, it’s the ‘code,'” X2Y2 wrote.

“Since [OpenSea] released the OperatorFilter two weeks ago, most of the new projects have sided with it.”

“‘Code is law,’ and we respect the law.”

X2Y2 said they removed the flexible royalty setting for new projects using the OpenSea blocklist code.

The market also said it will levy creator royalties for existing NFT projects.

“With OpenSea risking its market share and taking a brave move to defend royalties, they have our respect,” X2Y2 wrote.


The major NFT marketplace responded to X2Y2 on Twitter and said it had removed them from its marketplace blocklist.

As a result, NFTs from creators using the OperatorFilter code can now trade on X2Y2.

“Proud to stand with you – and the many brilliant creators in our community – on this critical measure,” OpenSea wrote.

“We hope other marketplaces will continue to join us. Onwards and upwards.”

Read also: Vaynerchuk and VeeFriends expand from NFTs to shelves as toys


NFT royalties are fees derived from a secondary market sale.

They usually range between 5% and 10% of the retail price and go to the creator.

Royalties cannot be fully applied on-chain with popular NFT standards on chains like Ethereum and Solana.

However, significant marketplaces used to respect copyrights, seeing them as a social construct.

Creators and collectors see royalties as essential components of the Web3 ethos.

Over the summer, market momentum began to drift away from manufacturer royalties.

New trading platforms like SudoSwap and Yawww have ignored royalties to move away from market share away from major markets.

Since Magic Eden’s move last month, nearly all of Solana’s transactions are done on platforms that don’t require royalties.

Earlier this month, OpenSea said it was considering dropping royalties, following moves by marketplaces like X2Y2, Blur and LooksRare to make them optional.

However, OpenSea has faced significant backlash from creators like Yuga Labs.

Streetwear brand The Hundreds canceled an NFT launch on OpenSea after the market’s consideration.

Last week, OpenSea changed its mind and announced that it would continue with copyrights on all projects: old, new and those using the blocklist product.


Ethereum NFT marketplace X2Y2 will enforce royalties following OpenSea’s ‘brave move’

Dogecoin climbs higher after Elon Musk’s Twitter purchase

Image source: Fox Business

Dogecoin is booming now more than ever after Elon Musk took over Twitter, taking the coin out of crypto winter.

The meme coin is currently on sale for $0.12.

Dogecoin rally

The meme coin enjoyed a rally when the richest man in the world finally bought the popular social media platform last week.

Earlier this week, Dogecoin’s value briefly doubled, going up to 14 cents.

Elon Musk’s influence on the cryptocurrency has been going on for years, but the coin eventually eclipsed prices that hadn’t been seen in May.

Although Musk didn’t mention Dogecoin after the purchase on Twitter, he replied to Billy Markus on Twitter, one of the developers behind the meme coin.

Over the past week, the cryptocurrency’s value has grown even more.

The meme coin jumped from $8.1 billion to $ 16,630,929,389 (as of this writing).

Dogecoin has already overtaken coins like Cardano and Solana to become market capitalization’s eighth most popular cryptocurrency.

Read also: Dogecoin prices shoot up after Elon Musk decides to push for buying Twitter

Crypto exchanges

The meme coin has experienced significant volume in major cryptocurrency exchanges in the past few days.

It is currently the third most traded token on Coinbase, accounting for 14% of the exchange’s total trading volume.

Meanwhile, trading between stablecoin Tether and Dogecoin has generated $1.8 billion on Binance in the past 24 hours.

It accounts for 10% of the total trading volume of the Binance exchange.

Additionally, the cryptocurrency and Binance USD trading exceeded $900 million, accounting for 5% of Binance’s total trading volume.

Coin movement

Despite the rally, Dogecoin is still down 84% from its all-time high.

The coin hit 73 cents in May last year.

That day, Elon Musk was a guest on Saturday Night Live.

After Musk’s SNL appearance, the coin plummeted 35% after he called it the future of the currency but also referred to it as a hustle.

Read also: Elon Musk Stands His Ground in Supporting Dogecoin Despite Lawsuit

Musk and Dogecoin

Dogecoin’s growing popularity can partly be attributed to Musk’s long-standing relationship with the meme coin.

In the past, he has referenced the coin in a few tweets.

Musk then added Dogecoin as a payment method for some of his companies’ products and services.

Select Tesla merchandise are available for sale with the meme coin on the company’s website.

Additionally, The Boring Company accepts cryptocurrency as payment for its Las Vegas Loop.

In April, Elon Musk announced plans to allow Twitter users to use Dogecoin to pay for Twitter Blue, the platform’s premium subscription service.

The Tesla founder’s fondness for the meme coin dates back to 2019 when he tweeted:

“Dogecoin may be my fav [sic] cryptocurrency.”

From there, he would share memes about the coin.

However, not everyone believes that Musk endorsed the cryptocurrency in good faith.

In June, Musk, SpaceX and Tesla were slapped with a $258 billion lawsuit.

The lawsuit alleged that Elon Musk was pumping the cryptocurrency.

Apart from Dogecoin, Musk’s acquisition has also impacted dog-themed coins like Shiba Inu and Dogechain.

The two coins are up 19% and 100% this week.


Dogecoin leaps 94% in weekly gains following Elon Musk’s Twitter acquisition