Breaking NFT News: Yuga Labs & Magic Eden To Launch NFT Marketplace

In a significant development for the non-fungible token (NFT) community, Yuga Labs, the creator of Bored Ape Yacht Club, has revealed its collaboration with Magic Eden, a prominent multi-chain NFT marketplace. Meanwhile, the partnership is aimed toward the launch of a new Ethereum-based marketplace, boasting a steadfast commitment to upholding creator royalties on NFT sales.

Notably, this platform is slated for a late 2023 release, and the two entities have made it explicitly clear that creator royalties are non-negotiable.

Yuga Labs Partners Magic Eden

The collaboration aims to address a growing concern within the NFT ecosystem where creator royalties have faced challenges. In recent times, the enforcement of these royalties has dwindled, with certain marketplaces resorting to workarounds or significantly reduced payments. Such a trend gained momentum in the latter half of 2022, leading to concerns within the NFT community.

Yuga Labs CEO Daniel Alegre expressed his company’s determination to advocate for content creators in light of these developments. He clarified that the actions of OpenSea had left a challenge that Yuga Labs, being a prominent NFT entity, couldn’t ignore in supporting content creators.

Magic Eden’s revamped Ethereum marketplace is set to introduce new smart contracts, which are integral to decentralized applications (dApps). These contracts will ensure the seamless execution of royalty payments during secondary market sales. While the technical specifics of this solution will be unveiled closer to the marketplace’s launch, it is confirmed that it will leverage the ERC-721 Ethereum NFT standard.

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What’s Next?

Yuga Labs and Magic Eden have made it evident that their commitment to upholding creator royalties is not limited to an exclusivity deal. Meanwhile, the companies encourage other marketplaces to adopt these innovative contracts to maintain a level playing field for creators. NFT creators, in particular, are encouraged to mint their projects utilizing these contracts to extend similar protections to their work.

The partnership between Yuga Labs and Magic Eden, along with their commitment to creator royalties, is seen as a significant step in reviving the importance of respecting creators within the NFT ecosystem. Notably, both companies believe that this partnership signifies a crucial beginning in building a more equitable and creative world for creators and their communities.

As the NFT market continues to evolve, the stance taken by these two entities sends a powerful message about the necessity of fair compensation for creators in the digital art and collectibles space. This initiative could help rekindle the magic of community and creativity that initially drew many to NFTs while ensuring that creators are rightly rewarded for their contributions.

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