Web 3.0 Woundup – 04/12/22

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This week’s Web 3.0 woundup sees Magic Eden launching its own royalties tool, Opensea adding BNB chain NFTs, and Apple not understanding how blockchain works.

Magic Eden Launches Compulsory NFT Royalty Tool

NFT marketplace Magic Eden this week launched a new tool meant to enforce compulsory NFT royalties two months after revealing support for optional creator fees. Called the Open Creator Protocol (OCP), the Solana-based tool allows artists to set the amount of kickback they need each time their creations change hands.

The launch comes a few weeks after OpenSea released an Ethereum-powered on-chain tool to enforce NFT creator tips for new collections.

OpenSea Welcomes BNB Chain NFTs

Opensea this week added support for the Binance-backed BNB Chain in a move meant to popularize NFTs to the chain’s “over 1 million existing users.” BNB Chain NFTs on OpenSea are expected to go live within the next one month to give the chain’s users the “best in class [NFT] experience.”

The integration came a few days after OpenSea’s rival, Magic Eden, added support for Polygon NFTs, and shows more evidence of cross-blockchain NFT support by the big players.

Apple Rules Prevent Coinbase Wallet Users Sending NFTs

Apple this week forced Coinbase to prohibit the sending of NFTs from the Coinbase Wallet after it enforced a 30% tax on transaction fees. Apple argued that its policy dictates that NFT transfers count as transactions, which means they should go through its in-app purchase system, allowing it a 30% cut.

Coinbase, of course, argued that transactions are conducted through an entirely different system, and that “we couldn’t comply even if we tried”. As a result, iOS Coinbase Wallet users are not able to send NFTs from their wallets.