Yuga Labs and Magic Eden are joining forces to introduce a new NFT marketplace. They are teaming up to create this platform for the NFT community.
In an important move for the NFT community, Yuga Labs, the team behind Bored Ape Yacht Club, is teaming up with Magic Eden, a well-known NFT marketplace that operates on multiple blockchains. Their collaboration is focused on creating a new NFT marketplace on the Ethereum blockchain. A key highlight of this project is their strong commitment to ensuring that creators receive their fair share of royalties from NFT sales. This new platform is scheduled to launch in late 2023, and the two partners have emphasized that creator royalties are a non-negotiable part of their mission.
Yuga Labs and Magic Eden Partner Up
Yuga Labs and Magic Eden are joining forces to address a growing problem in the NFT world: creators not getting paid fairly for their work. Lately, some NFT marketplaces have been finding ways to avoid giving creators their due or have been cutting down on their payments. This has been a concern in the NFT community, especially in the latter part of 2022.
The CEO of Yuga Labs, Daniel Alegre, is determined to support content creators in response to these issues. He pointed out that OpenSea’s actions presented a challenge that Yuga Labs, as a prominent NFT player, couldn’t ignore.
Magic Eden is revamping its Ethereum marketplace and plans to introduce new smart contracts, which are vital for decentralized applications (dApps). These contracts will make sure that creators get paid their royalties when their work is resold in the secondary market. While we’ll have to wait for more technical details closer to the marketplace’s launch, we do know that these contracts will use the ERC-721 Ethereum NFT standard.
Yuga Labs and Magic Eden want to stress that their commitment to protecting creator royalties goes beyond just an exclusivity deal. They want other marketplaces to adopt these innovative contracts to make things fair for all creators. They’re also encouraging NFT creators to use these contracts to give their work similar protection.
This partnership and commitment to creator royalties are a significant step in bringing back respect for creators in the NFT world. Both companies believe that this partnership is the beginning of a fairer and more creative world for creators and their communities.
As the NFT market evolves, the stance taken by Yuga Labs and Magic Eden highlights how important it is for creators to be paid fairly in the digital art and collectibles space. This initiative is meant to rekindle the sense of community and creativity that initially attracted many to NFTs while ensuring that creators get what they deserve.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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