Yuga Labs, a prominent player in the Web3 arena and the creative force behind acclaimed projects like Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold, and 10KTF, revealed an exciting collaboration with Magic Eden, a leading cross-chain NFT platform. The result of this partnership will be the introduction of the Magic Eden Ethereum marketplace, slated for launch before the year’s end.
Notably, this marketplace will mark a significant milestone as it becomes the very first major Ethereum marketplace with a contractual obligation to uphold creator royalties.
Since as early as 2021, the creator royalty debate has been the hottest subject that, apparently, is so puzzling as to completely hinder the anticipated growth of a truly digital age. We’ve seen industry-leading marketplaces, such as OpenSea, Blur, Magic Eden, X2Y2, and others, continue to go back and forth on whether creator fees should be “mandatory,” “optional,” or flat-out “zero.”
The move underscores the unwavering commitment of both Yuga Labs and Magic Eden to safeguarding the rights and rewards of content creators within the Web3 ecosystem. This joint effort serves as an expansion of their mutual vision, with a primary emphasis not just on ownership but also on enabling creators to earn royalties for their unique artistic creations continuously.
Creator Royalties As Non-Negotiable
In a resolute stance that distinguishes them from other marketplaces, Yuga Labs and Magic Eden have made it abundantly clear that respecting creator royalties is non-negotiable. Going forward, Yuga Labs will exclusively collaborate with platforms that share these principles, ensuring that creators receive equitable treatment for their contributions.
“We see this partnership with Magic Eden as a win for the whole ecosystem,” Alegre said in a press release shared with nft now.
“We appreciate everyone in the space taking steps in this direction and invite like-minded participants to get on board. Magic Eden is putting their money where their mouth is, and together, we are supporting the building of an Ethereum marketplace that will back creators, without whom Web3 would not exist.”
This announcement aligns with Yuga Labs’ ongoing commitment to addressing some of the most fundamental challenges faced by creators and builders today, as the company remains steadfast in its mission to cultivate a blockchain-based cultural landscape.
The Magic Eden marketplace will provide creators with an opportunity to showcase their collections within an ever-evolving environment, fostering a fairer and more equitable ecosystem for all involved.
Jack Lu, CEO and co-founder of Magic Eden, echoed this sentiment, saying, “We remain committed to the betterment of the Web3 creator ecosystem, steadfast in our belief that we should champion creators who are the heart and soul of the industry. Right now, it’s a priority to provide creatives with the support they deserve with creator royalty programs. In collaboration with Yuga Labs, we’re set to develop an Ethereum marketplace that resets the standard for royalty allocation, and we are hopeful this action will reverberate throughout the ecosystem.”
Yuga Labs and Magic Eden’s partnership marks a pivotal moment in the Web3 space, as they collectively strive to create a more just and rewarding environment for content creators. This collaboration, built on the Ethereum blockchain, places a firm emphasis on respecting creator royalties and sets a high standard for the industry, with Yuga Labs pledging to uphold these principles exclusively.