Yuga cuts non-royalty markets, South Korea to discuss NFTs with Gary Gensler

 

Yuga Labs says goodbye to markets without royalties

Nonfungible token (NFT) company Yuga Labs will take its collections out of NFT marketplaces that do not support royalties for all creators.

On Feb. 26, Yuga, the company behind the popular Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections, announced on X (formerly Twitter) that some of their NFT collections will only be traded on marketplaces that “respect creator royalties.” They wrote:

“Royalties are the lifeline that keeps creators building fun, weird, and innovative activations in the space.”

While Yuga Labs is taking out support for non-royalty marketplaces, it will only apply to some of its NFT collections. This includes their collections with a royalty filter like Sewer Passes, HV-MTL, 10KTF, Otherside and more.

pic.twitter.com/Anszbskalb

— Yuga Labs (@yugalabs) February 26, 2024

Yuga Labs’ rescinding its support for non-royalty NFT marketplaces comes amid Magic Eden’s Ethereum-based marketplace launch. According to Yuga, Magic Eden’s contractual royalty enforcement brings the space back to a creator-led Web3.

South Korean officials to discuss NFTs with Gary Gensler

South Korea’s financial authorities are set to discuss with United States Securities and Exchange Commission Chair Gary Gensler whether to recognize NFTs as virtual assets.

On Feb. 26, local media outlet Edaily reported that South Korea’s Financial Supervisory Service (FSS) chairman, Lee Bok-hyun, will start discussions with Gensler in May. According to the report, there are currently no clear legal definitions for NFTs in the country.

In addition, NFTs were also excluded from the scope of virtual assets in South Korean laws set to go into effect in July. This was because the lawmakers deemed that the risk for the NFT markets is low, as they are mainly traded for collection purposes.

Because of these reasons, the talks will focus on NFTs and whether to include and classify NFTs as virtual assets. However, the FSS also clarified that the meeting’s…

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