SNEAK PEEK
- The Hundreds, a streetwear brand, will no longer continue with its NFT drop on OpenSea.
- The brand was expecting OpenSea to take a stand and protect creator royalties for ongoing collections.
- Adam Bomb Squad, the first Ethereum NFT collection of The Hundreds, was launched 2021.
Ever since OpenSea has shared plans for creator NFT royalties, certain known creators have come forward to speak their mind in defense of royalties. A brand has now gone a step further and canceled an Ethereum NFT drop that was planned on the platform.
According to Bobby “Bobby Hundreds” Kim’s tweet, The Hundreds, his streetwear brand, won’t release its Badam Bomb Squad on OpenSea owing to the firm’s uncertain communication about its creator royalties move.
🚨 A message from @thehundreds and @AdamBombSquad on the release of Badam Bomb Squad 🚨 pic.twitter.com/CZuO1z2BS4
— bobbyhundreds.eth (@bobbyhundreds) November 9, 2022
A number of NFT creators decided a secondary sale royalty of 5% to 10% fee. Earlier, OpenSea as well as other leading marketplaces valued the royalty setting by creators but upstart competitors have rejected royalties, which has prompted other popular platforms to follow the changes as well.
Initially, it was planned by The Hundreds to launch the recent collection via OpenSea on Thursday; however, now it will mint the project via its personal website ‘in the coming weeks.’
Bobby Hundreds is among the most outspoken Web creators to oppose OpenSea due to its stance of creator royalties. This decision by The Hundreds to cancel the planned drop is a denial of what many creators consider as OpenSea’s refusal of Web3 standards about the current participation in secondary markets.
The tweeted statement read that it is expected that the statement will put pressure on all the marketplaces to approve the Web3 ethos. Also, it will act as a reminder to everyone that it’s the artists who have the control.
Until now, OpenSea has not said anything regarding making royalty payments optional. On Saturday, the marketplace shared that it is looking forward to many options before its deadline of December 8. Some of the options are optional royalties, royalties on certain subsets of collections or using new on-chain options of enforcement.
At the moment, it is not clear as to what will happen with the current NFT collections on OpenSea. The marketplace has released an optional royalties enforcement tool for the new projects. The tools will enable creators to blacklist competitor markets that do not value royalties, something which is anti-competitive and monopolistic according to critics.
