Yuga Labs — the prominent NFT company behind remarkable projects like Bored Ape Yacht Club and CryptoPunks — is excitingly collaborating with the leading cross-chain NFT marketplace, Magic Eden, to introduce an Ethereum-based marketplace before this year’s end.
Ending 2023 on a positive note, what will set this marketplace apart from the rest is its steadfast commitment to enforcing creator royalties, pioneering as the first top-tier Ethereum marketplace to uphold such standards.
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
Overriding Creator Royalty Woes
Creator royalties are an ongoing debate, spanning back as early as 2021. Industry-leading marketplaces like Blur, OpenSea, X2YE, and even Magic Eden, among others, have switched between mandatory and optional creator fees to none whatsoever.
For this reason, Magic Eden is facing backlash on Crypto Twitter, with some users stating that it has played a crucial role in complications arising from royalty policies.
A lot of talk about Magic Eden being part of the reason we ended up in the royalties mess in the first place, but personally I’d rather see companies pivot and be part of the solution rather than go under or fade out.
Rectifying mistakes is something we should be welcoming -…
— BETTY (@betty_nft) November 6, 2023
Nonetheless, Yuga Labs is no stranger to advocating for royalty fees, leaving OpenSea as a consequence of the marketplace ceasing enforced creator royalties. Sticking to its guns, the Yuga Labs-developed marketplace, co-created with Magic Eden, will emphasize ownership and continuous earnings of royalties for artistic creations.
Honoring royalty payments will be non-negotiable. The ecosystem will only spotlight projects that share the same principles, ensuring all creators receive fair compensation for their creative endeavors.
As the two Web3 powerhouses unite, this highly anticipated marketplace is poised to set a high standard, fostering an environment that is significantly more advantageous for NFT curators.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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