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Yuga Labs is known as the company behind some of the most famous NFTs in the world, and on August 18, the giant company made an interesting decision. Yuga Labs announced that they will end their support for the OpenSea marketplace and that Yuga Labs-signed NFTs will no longer be available there. So what does this mean?
A Tough NFT Decision from Yuga Labs
Yuga Labs, known as the company behind famous NFTs such as Bored Ape Yacht Club, CryptoPunks, Meebits, and Mutant Bored Ape Yacht Club. In fact, the company took a new step in response to OpenSea’s announcement on August 17. OpenSea emphasized that starting from August 31, NFT creators will be able to directly receive an extra fee in the sales of certain NFT collections. OpenSea also stated that they will give these creators the authority to block and restrict transactions.
In return, Yuga Labs announced that they will completely end their support for Seaport, OpenSea’s marketplace. Although Yuga Labs stated that this will not affect their upgradable contracts and new collections, they did not disclose which NFT collections will be specifically affected.
It is unknown whether Yuga Labs’ NFT collections will still be available on OpenSea. Although the company did not explicitly state whether they will prevent the owners of these NFTs from selling them on OpenSea, they implied that they could directly restrict it. While this decision may appear as a response to OpenSea’s latest move, it can be considered that Yuga Labs already had a plan before OpenSea’s step.
Will Yuga Labs Collections Experience a Decline?
The NFT sector has already been taking blow after blow recently, and famous collections have been experiencing significant declines. This recent news will certainly have a severe impact on NFT investors focused on Yuga Labs. Knowing whether the support from OpenSea has been completely cut off or not can change everything and lead to a sharp decline in the related collections. Meanwhile, the support from other NFT marketplaces like LooksRare seems to continue for now.
