- The Magic Eden NFT marketplace goes live with a new stance that Yuga commits to sunset the support to marketplaces not supporting royalties.
- The policy will protect newer and other collections within Yuga’s portfolio, focusing on a creator-centric ecosystem.
- The acquisition of Proof and integration with the Otherside metaverse project aims to consolidate Yuga Labs’ market position and support the creator community.
Yuga Labs, known for its Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections, has taken a decisive step to partner only with NFT marketplaces that honor creator royalties. This move is seen as a response to the growing concerns over artists’ rights amid the NFT market’s expansion. Yuga Labs emphasized the importance of ensuring creators receive payment for their work whenever it is sold, aiming to provide a sustainable income flow for artists.
The company’s stance comes at a critical time when some platforms have begun allowing the optional payment of royalties, thereby threatening creators’ earnings from their works. Yuga Labs asserts it will withdraw support from any marketplace that fails to uphold the royalty structure for creators.
This policy, however, will not affect its main collections, the Bored Ape Yacht Club and Mutant Ape Yacht Club, which represent a significant portion of Yuga Labs’ royalty income and trading volumes. The focus will instead be on safeguarding newer and other collections within Yuga’s portfolio to promote a creator-centric ecosystem.
Moreover, Yuga Labs’ recent acquisition of Proof, the entity behind the Moonbirds NFT collection, and the integration with its metaverse project, Otherside, signify an effort to consolidate its market position. This strategy aims to enhance the value and appeal of its collections and foster a supportive community for creators and collectors.
The announcement precedes Magic Eden’s Ethereum marketplace debut, marking a significant moment for both Yuga Labs and the wider NFT community. Magic Eden, primarily a leader in the Solana NFT marketplace, is expanding into Ethereum NFTs. This expansion is in collaboration with Yuga Labs, highlighting a shared commitment to respecting creator royalties. The launch of this new marketplace is seen as a pivotal moment in addressing the digital art creators’ benefits debate.
This policy shift aligns with Greg “Garga” Solano’s return as CEO of Yuga Labs, aiming to enhance the Bored Ape Yacht Club’s utility and community engagement. Following Solano’s reentry as leadership, the floor price of BAYC NFTs has witnessed a notable increase, reflecting the company’s renewed focus on community and creativity.
