Yuga crosses non-royalty markets, South Korea to discuss NFTs with Gary Gensler
Yuga Labs has gone royalty free from the market.
Invincible Token (NFT) company Yuga Labs will release its collections to all creators from NFT marketplaces that do not support royalty payments.
In the year On February 26th, Yuga, the company behind the popular Bored Up Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections, announced on X (formerly Twitter) that some of their NFT collections will only be sold in marketplaces. Respect the creator's royalty payments. They wrote:
“Royalties are a lifeline that keeps creators building fun, weird, and creative things in the space.”
While Yuga Labs is taking support for non-royalty marketplaces, it will only apply to some of its NFT collections. This includes their collections with a royalty filter like Sewer Passes, HV-MTL, 10KTF, Otherside and others.
pic.twitter.com/Anszbskalb
— Yuga Labs (@yugalabs) February 26, 2024
Yuga Labs' withdrawal of support for non-royalty NFT marketplaces has resulted in the launch of Magic Eden, an Ethereum-based marketplace. According to Yuga, the Magic Eden deal brings its royalty enforcement space to creator-led Web3.
South Korean officials to discuss NFTs with Gary Gensler
South Korean financial authorities are set to discuss recognizing NFTs as virtual assets with United States Securities and Exchange Commission Chairman Gary Gensler.
In the year On February 26, local media Edaily reported that South Korea's Financial Supervisory Service (FSS) Chairman Lee Bok-hyun will begin talks with Gensler in May. According to the report, there are currently no clear legal definitions for NFTs in the country.
In addition, NFTs were also excluded from the scope of virtual assets set to be implemented in South Korea in July. This is because the legislators felt that the risk to the NFT markets was low as they were mainly sold for collection purposes.
For these reasons, the talks will focus on NFTs and the inclusion and classification of NFTs as virtual assets. However, FSSS explained that the schedule and agenda of the meeting have not been finalized yet.
Related: Nifty News: Samurai NFTs take flight with Japan Airlines, Solana slows down
US Air Force Analyst Accused of Pulling the NFT Carpet
A US Air Force cyber analyst has been accused of defrauding investors using two Solana-based NFT pools.
On Feb. 21, 24-year-old Air Force analyst Devin Alan Rhoden and 20-year-old Berman Jerry Nowlin Jr. were indicted on charges of wire fraud and money laundering. The two defendants face up to five years in federal prison if convicted.
The two minted three Solana-based NFT sets Undead Monkeys, Undead Lady Apes and Undead Tombstone, convincing investors in the set to send at least $300,000 crypto in exchange for NFTs.
The lawsuit alleges that the two made “material misrepresentations” to attract investors to their project, which is in collaboration with the well-known NFT project. However, when the project denied any connection to Roden and Nowlin Jr.'s collections, the property's value plummeted. At that time, the two investors converted the crypto assets they received from investors into dollars.
Magazine: ‘It Hurts to Think': NFT Inventor Ne Alex Selling 70 CryptoPunks Too Early
