Yuga Labs and Magic Eden Announce New Ethereum NFT Marketplace to Protect Creator Royalties
Yuga Labs and Magic Eden plan to launch the new Magic Eden ETH marketplace before the end of 2023.
The startups say this is the first major Ethereum marketplace to “contractually oblige” to protect creator royalties.
Yuga Labs CEO Daniel Alegre said the new ETH marketplace is a win for the Web 3 ecosystem.
Yuga Labs, the Web3 startup behind the popular Bored Up Yacht Club (BAYC), Otherside, Meebits and CryptoPunks, has partnered to launch a new Ethereum marketplace, cross-chain NFT platform Magic Eden.
According to an announcement posted today on X, Yuga Labs is partnering with Magic Eden to launch the Magic Eden ETH Marketplace, the first Ethereum NFT marketplace designed to provide a contractual obligation to protect the creator's royalties.
The blockchain startup expects to launch its marketplace later this year.
Plant something new for all creators.
We're partnering with Magic Eden to launch the new Magic Eden ETH Marketplace – the first major ETH marketplace with an obligation to honor creator royalties.
The marketplace will launch in late 2023, more details soon. pic.twitter.com/iDrBM46nHk
— Yuga Labs (@yugalabs) November 4, 2023
Creators are critical to Web3.
Yoga Labs and Magic Eden's efforts come as the NFT space struggles with the issue of creator royalties, particularly as major marketplaces reduce or eliminate fees altogether. The two startups were unequivocal about the importance of respecting creative entrepreneurs, saying in a press release that “the issue of creative royalties is non-negotiable.”
BAYC Creator says that going forward, it will only partner with marketplaces that want to protect creators.
“We see this partnership with Magic Eden as a win for the entire ecosystem,” said Daniel Alegre, CEO of Yuga Labs.
According to him, creators are the key to Web 3, and without them, the ecosystem cannot thrive.
Jack Lu, CEO and Founder of Magic Eden said:
“Now, giving creators the support they deserve through creator royalty programs is a priority. In partnership with Yuga Labs, we are ready to develop an Ethereum marketplace that adjusts the royalty allocation criteria and we hope this move will be reflected throughout the ecosystem.
