Web3 startup Yuga Labs, known for its popular NFT collections such as the Bored Ape Yacht Club (BAYC), Otherside, Meebits, and CryptoPunks, has announced a groundbreaking collaboration with cross-chain NFT platform Magic Eden. The partnership aims to introduce a new Ethereum marketplace that prioritizes the protection of creator royalties, addressing a growing concern within the NFT space. This initiative is expected to set a new standard for royalty allocation in the industry.
Yuga Labs and Magic Eden have joined forces to create the Magic Eden ETH marketplace, which will be the first of its kind to feature a contractual obligation to safeguard creator royalties. This development comes as the NFT ecosystem faces challenges related to creator compensation, with some major marketplaces reducing or eliminating fees, impacting creators’ income.
Both Yuga Labs and Magic Eden are resolute in their commitment to supporting and respecting creative entrepreneurs. In a joint statement, they emphasized that “creator royalties are non-negotiable.” Going forward, Yuga Labs has pledged to exclusively partner with marketplaces that prioritize the protection of creators.
Yuga Labs and Magic Eden transforming the NFT landscape
Yuga Labs CEO Daniel Alegre stressed the pivotal role of creators in the Web3 ecosystem, emphasizing that their contributions are essential for its growth and sustainability. Alegre expressed his optimism about the partnership with Magic Eden, noting that it would benefit the entire NFT ecosystem.
Magic Eden CEO and co-founder, Jack Lu, echoed Alegre’s sentiments, emphasizing the need to provide creatives with the support they deserve through creator royalty programs. Lu believes that their collaboration with Yuga Labs will set a new industry standard for royalty allocation and hopes that this initiative will have a positive ripple effect throughout the NFT ecosystem.
The forthcoming Magic Eden ETH marketplace is anticipated to be a game-changer in the NFT landscape. By introducing contractual obligations to protect creator royalties, this platform aims to address the longstanding issue of compensation for digital artists and content creators.
Creators will have the assurance that their royalties will be safeguarded, providing them with a more stable income stream and encouraging them to continue producing high-quality NFTs. This development is expected to attract more artists and creators to the NFT space, fostering innovation and creativity.
While the exact launch date of the Magic Eden ETH marketplace has not been disclosed, Yuga Labs has indicated that it aims to make the platform live by the end of this year. This announcement has generated significant anticipation within the NFT community, with many eagerly awaiting the platform’s unveiling.
The collaboration between Yuga Labs and Magic Eden has been met with enthusiasm and support from various corners of the NFT and blockchain communities. Many industry experts and stakeholders see this initiative as a positive step toward addressing the challenges creators face in the NFT space.