The Hundreds’ move to cancel its planned drop is a more pointed rebuttal of what many creators see as OpenSea’s rejection of Web3 norms regarding ongoing participation in secondary markets. The Hundreds planned to launch the new NFT collection on Thursday through OpenSea, but will instead mint the project through its own website “in the coming weeks.” The brand wrote that the move was made “in solidarity with the individuals who built this culture and provide reason for marketplaces like OpenSea to exist in the first place.”īobby Hundreds has been one of the most outspoken Web3 creators to push back on OpenSea since the marketplace announced its changing stance on creator royalties on Saturday. OpenSea and other prominent marketplaces previously honored the royalty setting specified by creators, however upstart rivals have recently clawed away market share by rejecting royalties, prompting more established platforms to also make changes. Many NFT creators set a secondary sale royalty on their work-typically a 5% to 10% fee paid by the reseller. □ A message from and on the release of Badam Bomb Squad □ /CZuO1z2BS4 “Unfortunately, that announcement has not arrived in time.” “We were waiting to see if OpenSea would take a stand to preserve creator royalties for existing collections, especially after they’d heard from the artists, founders, and NFT community,” the brand’s tweeted statement reads. Now one brand has taken things a step further by canceling an Ethereum NFT drop planned on the platform this week.īobby “Bobby Hundreds” Kim tweeted on Tuesday night that his streetwear brand The Hundreds will not launch its Badam Bomb Squad on OpenSea this week as originally planned, due to the company’s unclear communication around its creator royalties stance. Some of the NFT world’s most prominent creators are speaking out in defense of royalties this week after OpenSea said it is considering changes to its enforcement -including potentially making them optional for traders. Rival platforms are eating up market share after wavering on royalties. OpenSea announced on Saturday that it is reevaluating royalties enforcement.Streetwear brand The Hundreds has canceled a planned NFT drop on OpenSea due to the marketplace’s stance on creator royalties.
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