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Yuga Labs, the creators of Bored Ape Yacht Club and Magic Eden, are collaborating to launch an ethereum nft marketplace that will ensure creators receive the correct royalties.
In a statement shared on its X platform, Magic Eden expressed its excitement about collaborating with Yuga Labs and their joint efforts to build an eth market. They highlighted the importance of supporting creators, as they believe that without them, web3 cannot thrive.
This partnership aims to prioritize the rights of creators by ensuring they receive exact royalties from nft sales. Together, their goal is to strengthen the digital collectibles ecosystem by fostering creativity and innovation.
Through this collaboration, there will be an obligation for Magic Eden to be responsible for sharing a portion of the secondary market sales revenue of its nft collections with Yuga Labs.
Yuga Labs’ stance on OpenSea and royalty enforcement
Yuga Labs has recently taken a position regarding OpenSea and the application of royalties. They have decided to reduce their support for OpenSea due to OpenSea’s announcement about discontinuing their own on-chain royalty enforcement tool called Operator filter.
Introduced in November 2022, the carrier filter allowed creators to restrict sales of their NFTs to platforms that offer royalties. The intention was to filter out platforms that did not comply with these principles, including those like Blur.
However, OpenSea surprised everyone by revealing in August that they would be ending the carrier filter.
Bored Ape Yacht Club’s performance amid challenges
The nft market faced challenges in August and experienced its lowest transaction volumes in two years. There was a decrease in the number of active participants trading NFTs.
Despite the difficulties facing the nft market, the minimum price for BAYC NFTs increased on October 30, reaching 30 eth.
cNFTs powered by Magic Eden’s Solana
Magic Eden is expanding its support for compressed NFTs (cNFTs) powered by Solana. The cNFT feature makes it easy for creators to create NFTs on the Solana network.
Magic Eden made headlines by supporting BRC 20 tokens on its Chain platform. The company believes that supporting cNFT is a revolutionary feature that will have a significant impact on the world of digital collectibles. At a time when nft trading volume faces challenges, Magic Eden’s approach has the potential to inject vitality into the market.
