Yuga Labs, a leading web3 company known for its popular NFT collections such as Bored Ape Yacht Club, Otherside, CryptoPunks, Meebits, Twelvefold, and 10KTF, has recently announced a partnership with Magic Eden, a cross-chain NFT platform. This collaboration aims to create a new Ethereum marketplace, with a primary focus on protecting creator royalties. The new marketplace is set to be launched by the end of this year and will be the first major Ethereum marketplace contractually obligated to honor creator royalties.
The partnership between Yuga Labs and Magic Eden is grounded in their shared vision for the future of web3, which emphasizes the importance of establishing a fair and rewarding ecosystem for creators. By building this marketplace on the Ethereum blockchain, both companies are aligning their commitment to ownership and empowering creators to receive ongoing royalty payments for their original work.
In contrast to other marketplaces that neglect to prioritize creators, Yuga Labs and Magic Eden have made it clear that respecting creator royalties is non-negotiable for them. In fact, Yuga Labs has announced that moving forward, they will exclusively engage with marketplaces that uphold these principles, ensuring fair treatment of creators. This firm stance demonstrates their dedication to supporting creators and building a sustainable ecosystem.
Yuga Labs CEO, Daniel Alegre, believes that the partnership with Magic Eden will benefit the entire ecosystem. Alegre appreciates the steps taken by others in the space towards protecting creator royalties and invites like-minded participants to join their cause. With Magic Eden’s commitment to protecting creators and their financial investment in this collaboration, both companies are working together to create an Ethereum marketplace that values and supports creators who are essential to the web3 industry.
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This announcement is just one aspect of Yuga Labs’ ongoing commitment to addressing the fundamental issues faced by creators and builders in the industry. The company’s mission is to build culture on the blockchain, and the launch of the Magic Eden marketplace aligns perfectly with this objective. The marketplace will provide all creators with an opportunity to showcase their collections in an ever-evolving landscape. Additionally, it will create a fairer and more equitable ecosystem by allowing creators to bring others along to participate.
Magic Eden CEO and co-founder, Jack Lu, emphasizes their dedication to improving the web3 creator ecosystem. He firmly believes in championing creators who form the heart and soul of the industry. Lu states that providing creatives with the support they deserve through creator royalty programs is their top priority. By collaborating with Yuga Labs, Magic Eden aims to develop an Ethereum marketplace that sets a new standard for royalty allocation. They hope that this action will have a positive ripple effect throughout the entire ecosystem.
In conclusion, Yuga Labs and Magic Eden’s partnership to build a new Ethereum marketplace marks a significant step towards protecting creator royalties in the web3 industry. By establishing a contractual obligation to honor royalties and actively seeking out marketplaces that share these values, the companies are prioritizing the fair treatment of creators. The launch of the Magic Eden marketplace will provide a platform for all creators to showcase their work and contribute to a more equitable ecosystem. Moving forward, Yuga Labs and Magic Eden aim to shape the industry by setting a new standard for royalty allocation and supporting creators who are at the forefront of the web3 revolution.
