Yuga Labs has partnered with NFT marketplace Magic Eden to launch a new Ethereum-based platform that will honor creator royalties. The marketplace will use innovative smart contracts and the ERC-721 token standard to ensure artists receive their due royalties. This comes after some marketplaces, including OpenSea, decided to bypass creator fees. Yuga Labs aims to support platforms that respect creators and will incentivize the use of royalty-respecting marketplaces.
Yuga Labs Partners With Magic Eden for a Royalty-Respecting Ethereum NFT Marketplace
Yuga Labs, the company behind the popular Bored Ape Yacht Club, has teamed up with NFT marketplace Magic Eden to introduce a new Ethereum-based platform. This platform, set to launch by the end of the year, will prioritize creator royalties, ensuring that artists receive their fair share from the resale of their NFTs.
Magic Eden CEO Jack Lu announced that their revamped Ethereum marketplace will utilize innovative smart contracts to enforce royalty payments for artists. While specific technical details will be revealed later, it is confirmed that the platform will use the ERC-721 token standard and incorporate marketplace contract properties for royalty enforcement.
This partnership comes in response to recent industry shifts where some marketplaces have chosen to bypass creator fees, leading to a larger conversation about the sustainability of such fees. Yuga Labs has taken a stand in supporting marketplaces that honor creators, distancing itself from marketplaces that neglect royalties, such as OpenSea.
Yuga Labs and Magic Eden’s collaboration is not exclusive, and other platforms are encouraged to adopt the contracts developed through this partnership.
By prioritizing creator royalties, Yuga Labs and Magic Eden are demonstrating their commitment to supporting the creator economy within the NFT space.
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