In a groundbreaking move that sends shockwaves through the world of web3, Yuga Labs, the powerhouse behind the Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold, and 10KTF, has unveiled a strategic partnership with Magic Eden, the preeminent cross-chain NFT platform. The outcome of this collaboration is nothing short of revolutionary, as it heralds the imminent launch of the Magic Eden Ethereum marketplace by year-end, heralding a new era of creator-centricity in the NFT space.
Planting something new for all creators.
— Yuga Labs (@yugalabs) November 4, 2023
We’re partnering with Magic Eden to launch the new Magic Eden ETH marketplace – the first major ETH marketplace contractually obligated to honor creator royalties.
The marketplace will launch end of 2023, more details soon. pic.twitter.com/iDrBM46nHk
This marketplace is set to make history as the first major Ethereum platform contractually bound to honor creator royalties, signifying a pivotal moment for protecting creators’ intellectual property in the NFT space. This audacious endeavor underscores Yuga Labs’ unwavering commitment to the sanctity of creator royalties and an innovative vision for a web3 where creators are cherished and fairly compensated.
In a landscape rife with marketplaces that disregard the rights of creative entrepreneurs, Yuga Labs, and Magic Eden have stood firm, making it unequivocally clear that respecting creator royalties is non-negotiable. Going forward, Yuga Labs would exclusively collaborate with marketplaces that uphold these principles for new collections, ensuring equitable treatment for creators and setting a high standard for the industry.
This announcement marks yet another step in Yuga Labs’ ongoing mission to address the fundamental challenges faced by creators and builders in the NFT space. The Magic Eden marketplace offers a dynamic platform where creators can showcase their collections, fostering a fairer and more inclusive ecosystem for all participants.
While technical specifics are still under wraps until the marketplace’s grand unveiling, it remains uncertain if the standard ERC-721 Ethereum non-fungible token (NFT) protocol would be employed. However, the marketplace contract is expected to enforce royalties for NFTs minted with certain “properties of the marketplace contract.”
In a bold stride towards NFT evolution, Yuga Labs and Magic Eden’s groundbreaking partnership promises a creator-centric future and fair compensation, setting a new industry standard. With technical details yet to emerge, anticipation builds for a transformative era in the NFT realm.
