Yuga Labs, the esteemed NFT company responsible for outstanding projects like Bored Ape Yacht Club and CryptoPunks, has announced an exhilarating collaboration with Magic Eden, the leading cross-chain NFT marketplace. Together, they are set to launch a new marketplace before the end of this year.
As 2023 draws to a close, the upcoming marketplace is poised to distinguish itself by its unwavering commitment to enforcing creator royalties. It will be the first major Ethereum marketplace to uphold such standards, setting a new precedent in the industry.
The issue of creator royalties has been a topic of ongoing debate since 2021. Marketplaces such as Blur, OpenSea, X2YE, and Magic Eden have fluctuated between mandatory, optional, and no creator fees at all. This inconsistency has led to criticism, with some users attributing complications in royalty policies to Magic Eden.
However, Yuga Labs has been a steadfast advocate for creator royalties, even parting ways with OpenSea due to the marketplace’s cessation of enforced creator royalties. The new marketplace, developed in partnership with Magic Eden, will prioritize ownership and continuous earnings of royalties for artistic creations.
The commitment to honoring royalty payments will be non-negotiable, as the ecosystem will only showcase projects that share the same principles. This ensures all creators receive fair compensation for their creative endeavors. With the union of Yuga Labs and Magic Eden, the highly anticipated marketplace is expected to set a high standard, creating a significantly more advantageous environment for NFT curators.
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As the launch of the Yuga Labs and Magic Eden marketplace approaches, the NFT community eagerly anticipates the positive impact it will have on creator royalties and the overall NFT ecosystem. This collaboration has the potential to shape the future of NFT marketplaces and ensure fair compensation for creators.
