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- Yuga Labs partners with Magic Eden for an Ethereum marketplace focused on creator royalties.
- This marketplace will be the first central Ethereum marketplace legally obligated to uphold creator royalties.
- Yuga Labs vows to collaborate exclusively with principled marketplaces for new collections.
Yuga Labs, the project team behind the preeminent Bored Ape Yacht Club (BAYC) NFT collection, has entered a strategic alliance with Magic Eden, a leading cross-chain NFT platform.
Yuga Labs proclaimed this development in a recent press statement and its official handle on the X platform (formerly Twitter). “Planting something new for all creators,” Yuga Labs remarked in the tweet.
Planting something new for all creators.We’re partnering with Magic Eden to launch the new Magic Eden ETH marketplace – the first major ETH marketplace contractually obligated to honor creator royalties.The marketplace will launch end of 2023, more details soon. pic.twitter.com/iDrBM46nHk— Yuga Labs (@yugalabs) November 4, 2023
According to the statement, Yuga Labs and Magic Eden will jointly introduce an Ethereum marketplace within the next eight weeks. The platform’s focus is the empowerment of creators to ensure they persistently receive their rightful royalty payments for their original creations.
Notably, NFT creator royalties represent a percentage cut in the sale price, which is allocated to the original NFT creator each time the NFT changes ownership. This mechanism enables creators to sustain a steady income stream from their digital assets. Per the report, the marketplace would be the first central Ethereum marketplace legally bound to uphold creator royalties. Yuga Labs CEO Daniel Alegre remarked:
We see this partnership with Magic Eden as a win for the whole ecosystem. Magic Eden is putting their money where their mouth is, and together, we are supporting the building of an Ethereum marketplace that will back creators.
Furthermore, the report noted that the Yuga Labs and Magic Eden collaboration is rooted in a shared vision for the future of Web3. According to them, it is a vision recognizing the significance of establishing a just and rewarding ecosystem for creative contributors.
Therefore, Yuga Labs and Magic Eden have declared that “respecting creator royalties is non-negotiable.” Moreover, Yuga Labs proclaimed that going forward, it will exclusively collaborate with marketplaces that align with such principles when introducing new collections.
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