Moby Media

Tag: Web3 app

  • OpenSea Revises Creator Fee Policy and Disables Royalty Enforcement Tool

    OpenSea Revises Creator Fee Policy and Disables Royalty Enforcement Tool

    Popular NFT marketplace, OpenSea, is reevaluating its approach to creator fees. Starting after August 31, the platform has chosen to make creator fees for new collections optional. Additionally, OpenSea will disable the OpenSea Operator Filter—a tool that had been established to enforce creator royalties—according to an official company statement.

    OpenSea’s Shift in Creator Fee Policy

    For collections that have been using the filter up until now, OpenSea will enforce creator fee royalties through February 29, after which point the fees will be at the discretion of the creators. “To be clear, creator fees aren’t disappearing—merely the unilateral enforcement of them,” clarified OpenSea in their statement.

    The Ongoing Debate over NFT Royalties

    In November 2022, OpenSea launched the Operator Filter. This tool was designed to equip creators with more control by limiting the sale of their collections to web3 marketplaces that committed to enforcing creator fees during secondary sales. “This initiative was intended to empower creators with enhanced control over their web3 business models,” the statement noted. “However, this called for the unanimous buy-in from the web3 ecosystem, which has regrettably not been the case.”

    The Divisive Topic of NFT Royalties

    NFT royalties were once celebrated as one of the most practical and promising applications of non-fungible tokens—enabling artists to continually earn income from the ongoing sales of their work. Nonetheless, after X2Y2, a token-based platform, experimented with 0% creator royalty fees in early 2022, a significant debate unfolded within the crypto community regarding the necessity of such fees.

     

    Throughout this debate, OpenSea remained a steadfast advocate for the enforcement of creator royalties, at one point instituting fees of up to 10%. However, the NFT giant later reduced its royalty fees in February following a dispute with the NFT platform Blur, which maintains a 0.5% creator royalty fee. By July 5 of the current year, trading volumes involving NFT royalties had plummeted to their lowest levels in two years.

  • Friend.tech: The Web3 App Shaking Up Social Media and Trading Trends

    Friend.tech: The Web3 App Shaking Up Social Media and Trading Trends

    Web3 Sensation Reshaping Social Media and Crypto 

    The crypto community is buzzing with the latest entrant on the block – Friend.tech. Within 24 hours of its beta launch, it recorded an astonishing 4,400 ETH in trading volume, leaving OpenSea’s record in its wake.

    Unpacking Friend.tech’s Groundbreaking Model

    The platform’s promise is simple yet intriguing. Dubbing itself as “the marketplace for your friends,” Friend.tech enables users to tokenize their social network. Operating on Base, Coinbase’s innovative layer 2 network, Friend.tech introduces a unique model. Users create profiles, offering “shares” of themselves, which in turn provides privileges like private messaging to shareholders.

    Influencers and the Friend.tech Appeal

    Noteworthy influencers such as Jordan Fish (aka Cobie) and trader Hsaka Trades have already thrown their weight behind the platform. Hsaka, in particular, envisioned the platform evolving into a medium resembling Cameo for Crypto Twitter. Despite being in its nascent stages, its impressive metrics suggest its potential to reshape the crypto-social landscape.

    Raising Red Flags: Origins and Transparency Concerns

    However, it hasn’t been all roses. The origin of Friend.tech is shrouded in mystery. While Coinbase’s Yuga Cohler identified the pseudonymous developer, Racer, as the force behind the platform, the lack of a transparent roadmap and data privacy policies have raised eyebrows.

    Racer’s previous venture, TweetDAO, offered a glimpse into the world of decentralized social media. However, its success was short-lived. This brings us to the pivotal question: is Friend.tech another flash in the pan, or does it herald the future of crypto-integrated social networks?

    Navigating the Future: Potential and Precautions

    Concerns have been further amplified with reported network outages, lag times, and app crashes. The desktop site offers little insight into the project, with missing details about its roadmap, founders, and whitepaper. Most concerning is the absent privacy policy, leaving users in the dark about data usage.

     

    Despite these red flags, the allure of Friend.tech remains. High-profile users are already reaping benefits, and speculations are rife about an upcoming native token. Yet, as the crypto adage goes, “Do your own research.” It’s imperative for potential users to be cautious and informed as they navigate this new platform, given its unclear objectives and potential risks.

     

    In conclusion, while Friend.tech offers an innovative twist on Web3 social media integration, the unanswered questions about its functionality and future make it a platform to approach with caution.

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