Yuga Labs offered to settle NFT transfers

Yuga Labs, known for creating one of the most hyped NFT collections in the world of cryptocurrencies called the Bored Ape Yacht Club, is concerned about the transfer of NFT tokens to marketplaces without royalty permission. One of the founders of Yuga Labs, Wiley Aronov, wrote about this in his blog on the American Substack platform.

Such concern for Aronov arose due to the fact that users participating in the transaction for the purchase/sale of a non-fungible token do not receive any money from royalties. At the same time, platforms for the exchange of NFT tokens, such as OpenSea, charge them a commission of 2.5% from each transaction and enrich themselves too much, leaving the participants in the act of sale without a certain part of their earnings.

As for the settlement process itself, Wylie Aronov suggests making a contract review process and compiling a list of marketplaces for developers to transfer NFTs to. The main criterion for selecting these same marketplaces would be the presence of a royalty block for NFT owners. After that, according to him, the check of the smart contract for the presence of a connection with the marketplaces should take effect. If the smart contract is independent, then the transaction of the NFT token can be approved, and if it has connections with marketplaces that prohibit royalties, then the sale of the token is not allowed.

Such a system is somewhat complicated and requires third parties to keep records of such marketplaces, but if it is done and worked out, then marketplaces that prohibit royalties and leave sellers without their part of their legitimate income will be able to give in and give what they want. Wiley Aronov suggested that in order to achieve the desired, it would be wise to create a decentralized autonomous organization (DAO).

One of the founders of Yuga Labs started this noise for a reason. Galaxy Digital did the math and found that the Bored Ape Yacht Club NFT resale royalties alone generated over $147,000,000 in revenue.