Yuga Labs and Magic Eden Collaborate to Revolutionize Creator Royalties in Web3 November 5, 2023 November 5, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 5, 2023 by Kelly Cromley

Yuga Labs and Magic Eden Collaborate to Revolutionize Creator Royalties in Web3

In a groundbreaking collaboration, Yuga Labs, a prominent player in the world of web3, and the home of renowned NFT projects such as Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold, and 10KTF, has joined forces with Magic Eden, a leading cross-chain NFT platform. The purpose of this partnership is to introduce the Magic Eden Ethereum marketplace, scheduled to launch by the end of the year. Notably, this marketplace will be the first of its kind to be contractually obligated to uphold creator royalties, marking a significant milestone in the world of web3.


A Shared Vision for the Future


Both Yuga Labs and Magic Eden share a common vision for the future of web3, emphasizing the creation of a fair and rewarding ecosystem for imaginative content contributors. This collaboration, rooted in the Ethereum blockchain, serves as an extension of their shared commitment to this cause. It revolves around the principle of ownership, with a focus on empowering creators to continue receiving royalty payments for their original work.


Unwavering Commitment to Creator Royalties


Yuga Labs and Magic Eden have made it explicitly clear that honoring creator royalties is non-negotiable. This resolute stance sets them apart in an industry where many other marketplaces fail to prioritize the rights of creative entrepreneurs. Going forward, Yuga Labs will exclusively engage with marketplaces that adhere to these principles, ensuring fair and just treatment of creators.


A Win for the Ecosystem


Yuga Labs CEO Daniel Alegre expressed his optimism about the partnership with Magic Eden, stating, “We see this partnership with Magic Eden as a win for the whole ecosystem. We appreciate everyone in the space taking steps in this direction, and invite like-minded participants to get on board. Magic Eden is putting their money where their mouth is, and together we are supporting the building of an Ethereum marketplace that will back creators, without whom web3 would not exist.”


This announcement aligns with Yuga Labs’ ongoing dedication to addressing fundamental challenges faced by creators and builders. The company remains steadfast in its mission to build culture on the blockchain. On the Magic Eden marketplace, all creators will have the opportunity to contribute to an ever-evolving landscape, ushering in a fairer and more equitable ecosystem.


Reforming the Creator Ecosystem


Magic Eden CEO and co-founder, Jack Lu, reiterated their unwavering commitment to the betterment of the web3 creator ecosystem, emphasizing their belief in championing creators as the industry’s heart and soul. “Right now, it’s a priority to provide creatives with the support they deserve with creator royalty programs,” Lu stated. “In collaboration with Yuga Labs, we’re set to develop an Ethereum marketplace that resets the standard for royalty allocation, and we are hopeful this action will reverberate throughout the ecosystem.”


This collaboration between Yuga Labs and Magic Eden signifies a significant leap forward in the world of web3, prioritizing the rights and rewards of creators and setting a new standard for the industry. As web3 continues to evolve, the emphasis on creator royalties promises to bring about a more inclusive and supportive ecosystem for content contributors, ensuring their invaluable role in the web3 landscape is recognized and rewarded.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.