<img src="https://cryptoslate.com/wp-content/uploads/2023/11/nft-construction.jpg” />
Cross-chain non-fungible token (nft) platform Magic Eden has partnered with Bored Ape Yacht Club (BAYC) creator Yuga Labs to launch a new ethereum marketplace, according to a ethereum-marketplace-to-protect-creator-royalties-301977665.html#:~:text=MIAMI%2C%20Nov.%204%2C%202023,marketplace%20by%20the%20end%20of”>Press release on November 4.
The new marketplace, which will launch in late 2023, will focus on royalties to uphold the principle of ownership and allow creators to “continue to receive royalty payments for their original work.”
The nft creator royalty is a percentage of the sale price that the original creator of an nft receives each time it is sold or transferred to a new owner. It allows creators to continue earning from their digital assets as they change hands in the secondary market, providing an ongoing source of income and incentivizing artists and content creators to participate in the nft space.
Magic Eden co-founder and CEO Jack Lu noted in the statement:
“We remain committed to improving the web3 creator ecosystem, steadfast in our belief that we must champion the creators who are the heart and soul of the industry… Right now, it is a priority to provide creatives with the support they deserve with royalty programs for creators. .”
The press release claimed that the new platform will be the first major ethereum nft marketplace that is “contractually obligated” to pay royalties to creators for secondary sales. The companies’ “unified vision” involves “creating a fair and rewarding ecosystem for imaginative content contributors.”
Creator royalties are non-negotiable
Magic Eden and Yuga Labs have unequivocally announced that “respect for creator royalties is non-negotiable.” Therefore, Yuga Labs will work exclusively with marketplaces that pay royalties for all of their future collections, according to the press release.
Both companies emphasized that the new ethereum-based platform will be a testament to their “long-term commitment to protecting creator royalties.” The jointly launched platform will also aim to encourage innovation by increasing the number of builders and creators.
Daniel Alegre, CEO of Yuga Labs, said:
“Magic Eden is putting its money where its mouth is and together we support building an ethereum marketplace that will support creators, without whom web3 would not exist.”
Lu added that the new marketplace will “reset” the royalty allocation standard and hopes its principles will be adopted across the ecosystem.
in a mail In X, Lu also noted that Magic Eden has already “managed to solve” the Solana royalty issue. The company partnered with Metaplex, the protocol that enables nft minting on Solana, to implement royalty protection protocols.
“Now, royalties are the norm at SOL. And we believe we can do the same with eth.”
Open mockery of OpenSea
The press release apparently mocked OpenSea, one of the largest nft marketplaces that made royalties optional in August. Highlighting their strong pro-royalty stance, Yuga Labs and Magic Eden said they have “a clear stance amid a sea of other markets that turn their backs on creative entrepreneurs.”
Yuga Labs has already publicly criticized OpenSea’s stance on royalties. In August, Yuga Labs said it would soon end support for Seaport, OpenSea’s marketplace contract, indicating that its NFTs will not be available on the marketplace in the future.
