OpenSea Discontinues Royalty Enforcement Tool, Securitize Acquires Onramp Invest

Market Update Despite yield reversal on bonds, equities market continue their retracement. Yields on the US10Y retraced 0.11% to 4.23% after peaking midday yesterday at decade-plus highs. Equities markets followed suit to reflect surging borrowing costs on future earnings, with the $SPX and $QQQ retracing 0.4% and 0.5%, respectively. Yesterday's bloodbath in crypto markets also continued, with $BTC and $ETH slipping by 7.4% and 6.1% in the past day. This move down has predominantly been led by the majors. The total crypto market cap currently sits at $1.1T, with BTC and ETH dominance slipping to 69% from late July's highs of 72%. OpenSea Discontinues On-Chain Royalty Enforcement Tool. Introduced in November 2022, the tool aimed to ensure NFT creators received fees from secondary sales. However, the tool lacked widespread support and was bypassed by NFT platforms like Blur, Dew, and LooksRare. While the fees aren't entirely disappearing, their enforcement will be optional. Collections using the Operator Filter, especially those on non-Ethereum blockchains, can ensure creator fees until Feb. 29, 2024. While some view it as a setback for artists relying on royalties, others feel the decision might be a corrective measure against excessive profit-making. This development is seen