NFT Industry Leaders Form Group to Standardize Royalty Enforcement Across Marketplaces

OMA3 consortium formed a working group to standardize and ensure NFT creator royalties on marketplaces. Members include Yuga Labs, Magic Eden, etc.

Creator royalties are under threat as some marketplaces have stopped enforcing them to attract traders.

OMA3 sees this as a threat to an equitable metaverse where items can freely move between platforms.

The working group will determine how to protect royalties market-wide, possibly via standards that members will honor.

Heavyweight NFT brands like Yuga Labs have threatened to sunset compatibility with marketplaces that don't enforce royalties.