- Magic Eden and Yuga Labs have collaborated to create a new Ethereum NFT marketplace focused on enforcing creator royalties.
- The marketplace aims to make royalties a standard practice in the NFT industry to support artists and creators.
- Magic Eden’s CEO, Jack Lu, is committed to this cause and wants the platform to be on the right side of history.
In a significant collaboration, Magic Eden and Yuga Labs have joined forces to establish a new Ethereum NFT marketplace, which is set to uphold the principle of enforcing creator royalties. Magic Eden, initially a Solana-based marketplace, will utilize new smart contracts to ensure that Yuga Labs and other creators receive their fair share from secondary sales.
The marketplace aims to support artists and creators, promising a future where royalties are not optional but a standard practice. This move comes when the NFT industry is witnessing a pivot in how marketplaces address creator earnings, with some platforms choosing to bypass or minimize royalty payments.
Magic Eden’s CEO, Jack Lu, has expressed the platform’s commitment to this cause, stating they want to be on the right side of history. The marketplace will not alter the trading experience for users, maintaining ease of use without the requirement for additional verification processes like KYC checks.
Had to pick out this this clean boy with Magic Eden colors to celebrate.
— Jack Lu (@0xLeoInRio) November 3, 2023
The shift in Magic Eden’s policy is a response to the more significant market trend where established players like OpenSea have retreated from enforcing royalties, sparking controversy among creators who rely on these fees for continued revenue.
Moreover, the marketplace’s decision is not just about immediate benefits but also sets a precedent for the future treatment of creators. Other NFT platforms are invited to adopt the new contract standards, which could pave the way for industry-wide adoption.
Yuga Labs, known for the popular Bored Ape Yacht Club NFTs, has been vocal in its criticism of platforms that neglect creator royalties. With this new venture, Yuga Labs emphasizes protecting creators’ rights. Daniel Alegre, Yuga Labs CEO, highlighted the importance of standing up for content creators in the ever-shifting digital landscape.
The partnership between Yuga Labs and Magic Eden is a beacon for creators seeking respect and acknowledgment in the NFT marketplace. It demonstrates a clear path forward for implementing a fair and sustainable model for creator compensation in the digital realm.