This week’s featured collector is GTBundyPhotos
GTBundyPhotos is an NFT collector and San Francisco-based photographer specializing in travel, landscape, and corporate imagery with a focus on trains, planes, balloons, majestic arches, the dance of the sun and moon, mesmerizing skies, and the fiery spirit of volcanoes. Check out their photography at lazy.com/gtbundyphotos
The Aftershocks of OpenSea’s Royalty Reversal: Rarible Steps Up, Yuga Fights Back
In a follow-up to last week’s newsletter on OpenSea’s surprising decision to make creator royalties optional, the ripple effects continue to shape the NFT landscape.
While OpenSea’s move has drawn significant backlash from the community, with notable figures like the creators of the Bored Apes Yacht Club voicing vehement dissent, another prominent marketplace has stepped forward to position itself as the antithesis of OpenSea’s no-royalty approach.
Following OpenSea’s announcement, Rarible took a decisive stance in favor of maintaining NFT creator royalties. This commitment resulted in an immediate uptick in Rarible’s trading volume, evidence of support in the NFT community for royalties. Conversely, OpenSea experienced a dip in its trading volume.
“This space is about redefining the paradigm in which creativity is valued and compensated,” wrote the co-founder of Rarible. “We cannot continue to standby as that promise is taken away.”
The sentiment was echoed by the CEO of Yuga Labs: “For as much as NFTs have been about users truly owning their digital assets, they’ve also been about empowering creators. Yuga believes in protecting creator royalties so creators are properly compensated for their work.”
While the fallout from OpenSea’s decision is still unfolding, the NFT ecosystem continues its rapid evolution. The commitment to royalties remains a hot-button issue that is dividing the NFT community into creators, collectors and traders. However, if the past history of web3 is any indication, it is always possible that a new innovation or way of interacting with NFTs will arise that shifts the dynamics of the debate.
This week’s poll: Are you a creator, collector or trader?
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