Yuga Laboratories — The prominent nft company behind notable projects such as Bored Ape Yacht Club and CryptoPunks, is excitingly collaborating with leading cross-chain nft marketplace Magic Eden to introduce an ethereum-based marketplace before the end of this year.
Ending 2023 on a positive note, what will set this marketplace apart from the rest is its strong commitment to enforcing creator royalties, pioneering it as the first top-tier ethereum marketplace to maintain such standards.
Planting something new for all creators.
We partnered with Magic Eden to launch the new Magic Eden eth market, the first major eth market contractually obligated to honor creator royalties.
The market will launch in late 2023; There will be more details soon. pic.twitter.com/iDrBM46nHk
– Yuga Laboratories (@yugalabs) November 4, 2023
Primary problems of the creator’s royalty
Creator royalties are an ongoing debate dating back to 2021. Industry-leading marketplaces like Blur, OpenSea, X2YE, and even Magic Eden, among others, have switched between mandatory and optional creator fees to none.
For this reason, Magic Eden is facing backlash on crypto Twitter, with some users claiming that it has played a crucial role in complications arising from royalty policies.
There’s a lot of talk about Magic Eden being part of the reason we ended up in the royalty mess in the first place, but I personally prefer to see companies pivot and be part of the solution rather than go under or disappear.
Rectifying mistakes is something we should welcome…
– BETTY (@betty_nft) November 6, 2023
However, Yuga Labs is no stranger to advocating for copyright, leaving the open sea as a consequence of the market stopping imposing royalties on creators. Holding strong, the marketplace developed by Yuga Labs, co-created with Magic Eden, will emphasize ownership and continued royalty earnings for artistic creations.
Compliance with royalty payments will not be negotiable. The ecosystem will only highlight projects that share the same principles, ensuring that all creators receive fair compensation for their creative efforts.
As the two Web3 powerhouses come together, this The long-awaited marketplace is set to set a high standard, fostering an environment that is significantly more advantageous for nft curators.
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*All financial/investment opinions expressed by nft Plazas come from the personal research and experience of our site moderators and are intended to be educational material only. People should thoroughly research any product before making any type of investment.
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