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The Bored Ape Yacht Club (BAYC) founders offered their opinion on the continuing non-fungible token (NFT) creator royalties discussion and suggested a proposed course of action that, in their opinion, best addresses the problem.
BAYC Response to OpenSea
Greg Solano and Kerem Atalay, who also co-founded BAYC with Wylie Aronow, stated in a blog post dated November 8 that they saw creator payments as the single most significant thing that attracted creators and artists into the environment. The article was written in reaction to OpenSea's November 6 declaration that it will follow other NFT markets on royalty enforcement, which Aronow stated indicated its intention to proceed with the remaining members of the herd and eliminate creator royalties for older collections off their network, and which he deemed to be not fantastic.
BAYC Methodology for NFT Creator Royalties
The BAYC creators responded by proposing a methodology for NFT creator royalties that makes use of allowing lists written into an NFT collections smart contract. This option enables NFT trading between conventional wallets but only for marketplaces that observe royalties. The fundamentals of this process were laid forth, with the initial step being to determine if the wallet initiating the request form is a conventional wallet or a smart contract. The BAYC creators acknowledged that this approach still had drawbacks, noting allowlist upkeep and a higher barrier to entry for new markets, but stated that for the time being, this allowlist is very modest.