Yuga Labs withdraws certain NFT collections from marketplaces lacking creator royalty support. Yuga Labs opts out of non-royalty marketplaces NFT company Yuga Labs announces its decision to remove select NFT collections from marketplaces that do not uphold creator royalties.
In a statement on Feb. 26, Yuga Labs, renowned for creations like the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), disclosed on X (formerly Twitter) that specific collections will exclusively trade on platforms that honor “creator royalties.” The company clarified: While Yuga Labs’ move targets non-royalty marketplaces, it pertains only to certain NFT collections. Notable among these are collections with a built-in royalty filter such as Sewer Passes, HV-MTL, 10KTF, Otherside, and more. Yuga Labs’ decision to discontinue support for non-royalty NFT marketplaces coincides with the launch of Magic Eden’s Ethereum-based marketplace. Yuga asserts that Magic Eden’s contractual royalty enforcement reverts the sector to a creator-centric Web3 landscape.
South Korean regulators to engage in NFT dialogue with Gary Gensler Financial regulators in South Korea plan to engage with Gary Gensler, Chair of the United States Securities and Exchange Commission, regarding the classification of NFTs as virtual assets.
According to a report by local media outlet Edaily on Feb. 26, discussions between South Korea’s Financial Supervisory Service (FSS) chairman, Lee Bok-hyun, and Gensler are slated for May. The absence of clear legal definitions for NFTs in the country prompts the need for dialogue.
Additionally, South Korean legislation set to be enforced in July excludes NFTs from the definition of virtual assets, deeming their market risk to be minimal, primarily driven by collection purposes.
The forthcoming discussions aim to address the classification and inclusion of NFTs as virtual assets, though specifics regarding the meeting’s schedule and agenda are pending finalization, as stated by the FSS.
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U.S. Air Force analyst implicated in NFT fraud scheme A U.S. Air Force cybersecurity analyst stands accused of orchestrating rug pulls involving two Solana-based NFT collections.
On Feb. 21, Devin Alan Rhoden, aged 24, and Berman Jerry Nowlin Jr., aged 20, were indicted on charges of wire fraud and money laundering conspiracy. If convicted, they face up to five years in federal prison.
Rhoden and Nowlin Jr. minted three Solana-based NFT collections, including Undead Apes, Undead Lady Apes, and Undead Tombstone, enticing investors with promises of collaboration with a prominent NFT project. However, after the project disavowed any association with their collections, their asset prices plummeted, while the duo allegedly converted the received crypto assets into fiat currency.