Yuga Labs and Magic Eden Roll Out Royalty-Enforcing Ethereum NFT Marketplace

Summary

• Yuga Labs and Magic Eden are partnering to launch an Ethereum NFT marketplace that enforces creator royalties.
• The marketplace is expected to launch by the end of the year and will be the first major ETH marketplace to honor creator royalties for all ETH NFT collections.

Magic Eden X Yuga Labs

First on Solana, now multi-chain Non-Fungible Tokens (NFTs) Marketplace Magic Eden has teamed up with Yuga Labs, the brains behind iconic collections like the Bored Ape Yacht Club and Cryptopunks, to introduce a new marketplace for Ethereum NFTs. The platform, dedicated to upholding the rights of creators and ensuring their due royalties, marks a pivotal shift in the NFT ecosystem.

Scheduled to launch by the end of the year, the joint venture has been described by Yuga Labs as "the first major ETH marketplace contractually obligated to honor creator royalties."

Both companies have emphasized the need to foster a rewarding environment for creative contributors. Built on the Ethereum blockchain, this collaboration extends their mutual commitment to ensuring that artists receive rightful compensation for their original works.

Yuga Labs CEO Daniel Alegre expressed his enthusiasm for the partnership, stating:

"We see this partnership with Magic Eden as a win for the whole ecosystem. 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."

In September, Yuga Labs banned trading for its Otherside Mara NFT series collections on platforms like OpenSea, Blur, and LooksRare, ensuring that only platforms that enforce creator royalties like X2Y2 and SudoSwap V2 are supported. 

Unlike many other NFT marketplaces, Yuga Labs and Magic Eden have taken a clear stance, emphasizing that “respecting creator royalties is non-negotiable”. This latest move comes just a year after Magic Eden announced it would be adopting optional royalties, sparking debate among the NFT community. 

Magic Eden CEO and co-founder, Jack Lu, shared his thoughts on the collaboration, saying:

"We remain committed to the betterment of the web3 creator ecosystem, steadfast in our belief that we should champion creators who are the heart and soul of the industry. In collaboration with Yuga Labs, we're set to develop an Ethereum marketplace that resets the standard for royalty allocation and are hopeful this action will reverberate throughout the ecosystem."

The Magic Eden marketplace will provide an inclusive platform where creators can showcase their collections, fostering a more equitable and fair ecosystem for all participants.