Bored Ape Yacht Club Founders Propose a Royalty Collection Model for NFT Creators

The creators of the NFT collection Bored Ape Yacht Club (BAYC) have presented a solution for collecting royalties from secondary sales of assets against the backdrop of a trend towards abandoning this practice by marketplaces in the segment.

In a post by Yuga Labs co-founder GordonGoner, royalties are described as “the biggest factor that brought artists into the ecosystem.”

The post was a response to OpenSea’s recent announcement to stop charging royalties on older collections. In October, Magic Eden, the largest NFT marketplace based on the Solana blockchain, switched to an optional author reward model.

The founders of BAYC called OpenSea’s decision an intention to “move with the whole herd” and “not a good move.”