Billionaire Mark Cuban Says NFT Marketplace OpenSea Making ‘Huge Mistake’ With New Royalty System - The Daily Hodl

Prominent billionaire Mark Cuban believes that OpenSea's decision to disable its royalty system for NFTs is a major mistake that diminishes trust in the platform and hurts the NFT industry. He suggests a different approach where transactions for NFTs that pay their royalties are free, with OpenSea taking a percentage of the royalty as a fee. Cuban supports royalties for content creators as a way for them to continue getting paid even on secondary market sales.

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Relevant topic timeline:

8/23/2023

Bitcoin Ordinals volume dips 98%, OpenSea to disable royalty tool, and Frend.tech hype: Nifty Newsletter

Summary: The Nifty Newsletter highlights the launch of decentralized social media platform Frend.tech with over 100,000 users, OpenSea disabling its on-chain royalty enforcement tool, Sotheby's and Yuga Labs facing a lawsuit from Bored Ape investors, a significant decline in Bitcoin Ordinals NFT trading volume, and the collapse of the "charitable" NFT project Orica.

9/17/2023

OpenSea Drops Royalties Amid Plunging NFT Market, SEC Crackdown

OpenSea, the once-leading marketplace for NFTs, has rescinded its mandatory royalty payments to NFT creators, losing market dominance to no-fee competitor Blur and contributing to a decline in NFT trading volume overall.