OpenSea, a multi-blockchain non-fungible token (NFT) marketplace on EVM networks, is losing its dominance in the digital collectibles segment. Here's the key problem with OpenSea according to its most influential investor — and why it will never be an issue for XRPL-centric digital creators.
With XRP Ledger, NFT minters' rights are protected, VP Yoshikawa says
On XRP Ledger, automatic royalties for creators are hard-coded into the on-chain design of non-fungible tokens (NFTs). Here's why their revenues do not depend on the tokenomics of marketplaces they are selling their content on. This statement was made by Emi Yoshikawa, Ripple's VP of strategy and operations.
✅ On the XRP Ledger, automatic royalties for NFTs are enforced at the chain protocol level and creators are NOT at the mercy of individual marketplaces.
— Emi Yoshikawa (@emy_wng) August 18, 2023
With XRPL, token issuers' rights are protected. https://t.co/h1zaHf9S2L
As such, XRP Ledger offers an unparalleled level of creators' rights protection. This, in turn, leads to a more fair, decentralized and democratic revenue sharing model in the NFTs sphere.
Yoshikawa made her comment responding to a bitter statement of billionaire and tech entrepreneur Mark Cuban. The "Shark Tank" host slammed OpenSea for refusing to pay royalties to artists:
Not collecting and paying royalties on NFT sales is a HUGE mistake by Opensea. It diminished trust in the platform and hurts the industry. And I say this as an Opensea investor
Dallas Mawericks' owner backed OpenSea by his funding in its $23 million Series A round in 2021 amid the NFT mania.
OpenSea slashed creators' royalties on Thursday, Aug. 17, 2023. This move was criticized by a couple of strong voices from the NFT community.
NFT transactions on XRP Ledger are rocketing: XPMarket data
Some segment majors, including Yuga Labs, are even considering ceasing all collaboration with OpenSea after its much-criticized decision.
Meanwhile, all key metrics of XRP Ledger's NFT ecosystem are growing. As per data shared by the XPMarket tracker, in July, NFT transactions on XRPL spiked by almost 80%.
Hey Twitter(X?) fam! 🐦 Dive with me into the vibrant world of #XRPL! Last week was nothing short of a roller coaster, and here's a quick story for you! 🎢
— xpmarket® (@xpmarket) August 8, 2023
🎨 NFTs: Imagine a world where art thrives like never before! 🖼️ Last week, we minted a whopping 40,180 new digital… pic.twitter.com/0QilPucaUs
As covered by U.Today previously, in June 2023, this indicator also demonstrated double-digit growth together with other DEX and CEX trading indicators on XRP Ledger.
Arman Shirinyan
Alex Dovbnya
