Yuga Labs and Magic Eden joint venture: New NFT marketplace with mandatory royalties

Yuga Labs and Magic Eden joint venture: New NFT marketplace with mandatory royalties

Yuga Labs and Magic Eden, two of the most prominent companies in the NFT space, have declared a partnership to revolutionize the NFT marketplace landscape. The collaboration intends to launch a new marketplace by year’s end, marking it as the foremost Ethereum-based platform that contractually enforces the honoring of creator royalties.

Yuga Labs x Magic Eden

Yuga Labs is well-known in the web3 sector for its top-tier collections, such as CryptoPunks and Bored Apes. On the other hand, Magic Eden has gained prominence by driving user engagement across multiple blockchain ecosystems.

Together, the companies are laying the foundation for a marketplace built on fairness and the consistent support of creators’ rights to earn from their work.

Honoring creator royalties

The spirit of this venture is clear: ownership and ongoing royalties for creators are non-negotiable.

The NFT landscape has seen many marketplaces abandon royalties for artists. Leading marketplace OpenSea was boycotted back in August after announcing the cancelation of creator royalties. To this day, OpenSea is still suffering the repercussions of that decision, as seen by the dissatisfaction shown by countless users on the company’s social media channels.

Yuga Labs and Magic Eden will now be offering a beacon of hope for content creators. To keep the ethos of the NFT movement alive, Yuga Labs has taken a firm commitment to partner exclusively with marketplaces that maintain these ethical standards.

A win of the whole ecosystem

Daniel Alegre, CEO of Yuga Labs, conveyed his enthusiasm about the partnership, calling it a “win for the whole ecosystem.” He highlighted the alignment of values between the two companies and encouraged other industry players to join this progressive movement. Yuga Labs’ and Magic Eden’s alliance is not merely a business venture but a support system for the very foundation of web3: the creators.

In sync with their commitment to creators, Jack Lu, CEO and co-founder of Magic Eden, echoed this sentiment. He emphasized the company’s dedication to supporting creators through robust royalty programs. Lu is optimistic that this joint endeavor will set new benchmarks for royalty distribution in the web3 domain.

The significance of this partnership extends beyond immediate business implications. It is part of a larger narrative: Yuga Labs and Magic Eden are committed to addressing core challenges faced by creators in the web3 space. Their focus is on the enhancement of the creator economy, creating an equitable marketplace where cultural moments and digital communities can feel empowered.

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