Quick take:
- The Open Metaverse Alliance (OMA3) has launched a campaign to form a unified standard for NFT royalties.
- Organisation members including Animoca Brands, Magic Eden and Yuga Labs are welcoming the NFT community to join OMA3.
- The new group will explore options for protecting creator royalties including creating a universal standard for all NFT marketplaces.
The Open Metaverse Alliance (OMA3)., a Web3 organisation formed to establish standards for an interoperable metaverse in 2022 is extending an invitation to the NFT community.
Writing in a post on X (formerly Twitter) on Tuesday, OMA3 members including Animoca Brands, Magic Eden and Bored Apes Yacht Club creator Yuga Labs asked the NFT community to join the organisation to help in creating a universal standard for NFT royalty fees.
According to Decrypt, the alliance seeks to explore options for protecting creator royalties including creating a universal standard for all NFT marketplaces.
Creator royalties have been the focal point of the NFT market since last year. Some platforms like OpenSea tried to enforce creator fees with an on-chain tool, but given the declining trader activity, they were forced to walk back those plans and join the likes of Blur.
While this move attracts NFT traders, creators are left with declining royalty fees from secondary sales of their assets.
Recently, reports emerged that creators were fleeing OpenSea, Blur and other NFT marketplaces that do not enforce royalty fees. While OMA3 could provide a solution to NFT creators looking for stable royalty fees, some projects like Pudgy Penguins are eyeing a more direct approach to the problem.
The company CEO Luca Netz told Bloomberg that Pudgy Penguins is expanding its addressable market by branching out into merchandising, and is also looking to secure creator fees with an independent NFT marketplace.
In December 2022, Yuga Labs cofounders and Randy Chung (Melonpan) of 10KTF joined the creator fee debate with a proposal that allowed traders to complete wallet-to-wallet transactions without paying royalty fees.
On the other hand, Magic Eden launched the Open Creator Protocol, allowing it to enforce royalty fees on all new collections launched on the platform.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
