OpenSea Revises Approach to Creator Royalties

Chart of the Day 





The equity markets climbed after a five-day decline, with investors awaiting key inflation figures that will shed light on the Federal Reserve’s next move on their aggressive campaign against inflation. The dollar slid versus most of its counterparts, while Treasury yields declined. 



The broader crypto market overlooked concerns about inflation in the traditional markets as major cryptocurrencies defied the pull of a catering economic and ongoing crypto woes to stage an upside movement. As of the time of writing, BTC is well-bid above the $17k handle after posting a 2.5% increase in the last 24 hours. Large wallets have been aggressively accumulating as BTC whipsawed in the $17k to $17.4k range. If history is of any indication, prices tend to move fast in a “no man” land where on-chain volume is scarce. The consolidation near $17.4k in the past few days reignited hopes of a parabolic rise, but eventually ended with a fakeout. 



Similarly, ETH is now changing hands at the upper region of the $1,200 handle, after posting a 4% increase in the same period. Mid-to-large-cap altcoins have largely flipped green, with TWT leading the pack on a double-digit percentage gain over a similar time frame. 





Talk of the Town 





Leading NFT marketplace OpenSea revises its stance on its commitment to enforce creator royalties amid rising complaints from the community. In a tweet thread published today, OpeaSea revealed a number of tweaks to its approach to NFT royalties. Among these changes includes the release of an on-chain enforcement tool called the Operator Filter, and the formation of the Creator Ownership Research Institute (CORI), a decentralized body tasked with the governance of the existing Operator Filter registry and the advancement of mechanism for creator fee enforcement. OpenSea’s approach is similar to Magic Eden’s Solana blocklist tool, which was launched last week.