Yuga Labs Plans to Part Ways with OpenSea NFT Marketplace Following Royalty Model Change

Yuga Labs, a popular NFT marketplace, has announced its plans to part ways with the popular NFT platform, OpenSea. This follows the recent change in the platform's royalty model wherein OpenSea removed the prior 0% listing fee and replaced it with a 5% fee for sale proceeds which are to be split between it and the publisher of the NFTs. Based upon a recent statement released by Yuga Labs’ founder Ariel Meilich, the organization found this development to be detrimental to its users. In the statement, Meilich expressed that the updated model “limits creators, especially smaller creators like us, from effectively monetizing their work.” Yuga Labs, working with its current providers, is planning to establish its own NFT platform and set its own royalty rates. Meilich further expressed that doing this will enable them to “tailor our platform to the interests of our users.” Yuga Labs is known for creating NFTs for music sensation Imogen Heap and the formation of the true fan token club.