The Open Metaverse Alliance Is Developing New NFT Royalty Standards: Yuga Labs, Magic Eden, And Doge Uprising Could Benefit

The Open Metaverse Alliance for Web3, also known as OMA3, is a consortium of blockchain, metaverse, and NFT companies. On Tuesday, they announced that they’d be working towards standardising creator royalties on NFT marketplaces to ensure their receipt. The group includes numerous prominent crypto brands, including Yuga Labs (the creators of the famous Bored Ape Yacht Club NFT collection) and Magic Eden (the multi-chain NFT marketplace that began on Solana).

New project Doge Uprising ($DUP) is releasing a much anticipated Doge Mecha NFT series as part of their overall Web3 universe. The reinforced royalty standards could have a huge impact on Doge Uprising, ensuring that creator royalties will be maintained to continue community development and growth. Ensuring that these standards are upheld keeps the core values of Web3 decentralized technology at the core of crypto projects like Doge Uprising.

What Are Creator Royalties?

Creator royalties are fees that are included in secondary NFT sales and go straight to the NFT creators. As a result, around 2.5-10% of secondary sales are guaranteed to go back to the NFT creators. This was originally considered a foundational tenet of the crypto ecosystem. It stood blockchain technology out against secondary markets for media and art, as artists were guaranteed pay for each sale of their work. However, market forces have started to threaten this practice.

How Are Creator Royalties Being Threatened?

Some new NFT platforms decided to compete with larger sites like OpenSea by removing creator fees from secondary sales. Unsurprisingly this technique was very effective and many people moved their business from OpenSea onto competitor site Blur, which has now overtaken OpenSea as the largest NTF trading platform. To keep up with the competition, OpenSea has since announced that it would also remove creator fees from the platform.

Why Could This Be A Problem?

Removing NFT royalties threatens the NFT ecosystem and metaverse as a whole. Web3 is founded on interoperable principles that enable virtual items to freely travel across platforms. By removing creator fees, the incentive for creators to share their work is mitigated. These decisions may provide short-term financial benefits, however, the long-term impact of removing these fees could be devastating.

As a result, Yuga Labs and Magic Eden are part of the alliance fighting to protect and maintain creator royalties, hopefully putting universal standards in place for NFT marketplaces. Yuga Labs themselves feel so passionately about this cause that they threatened to remove their Bored Ape Yacht Club NFT series from platforms like OpenSea. Collectively, Yuga Labs has a $9 billion market value that it would discontinue with any NFT platform not offering creator royalties.

Doge Uprising: Keeping The Values Of Crypto At Its Core

The new crypto project Doge Uprising is passionate about maintaining the core values of blockchain technology. They are hoping to bring defiance back to crypto with their impressive project that boasts a Web3 metaverse, NFT collection, interactive manga series, and smart staking. Doge Uprising holds interoperability and connectivity at the heart of its project and will fight for crypto to remain true to its values.

Doge Uprising ($DUP):