Yuga Labs partners with Magic Eden to launch new ETH market

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Yuga Labs and Magic Eden’s new NFT marketplace will focus on royalties and is expected to launch by the end of 2023.

According to the announcement, Yuga Labs and Magic Eden’s Magic Eden ETH Marketplace will be the first Ethereum NFT marketplace to protect creator royalties. At the same time, create a fair and rewarding ecosystem for imaginative content contributors.

We are pleased to announce that we are working with @yugalabs Launching a new ETH market before the end of the year.

This will be the first major ETH marketplace to charge royalties to the creators of all ETH NFT collections.

web3 would not exist without its creators. Here to support… https://t.co/Pqip41jJHt

— Magic Eden 🪄 (@MagicEden) November 4, 2023

Yuga Labs and Magic Eden’s efforts come as the NFT space grapples with creator royalties, especially as major NFT markets slash fees or eliminate them entirely.

However, both Yuga Labs and Magic Eden have made it clear that creators need to be respected, saying in a press release that “creator royalties are non-negotiable.”

Creator BAYC said that in the future it will work exclusively with marketplaces seeking to protect creators.

“We consider our partnership with Magic Eden a win for the entire ecosystem.”

Daniel Alegre, CEO of Yuga Labs

He believes that creators are the key to Web3, and without them, the ecosystem will not develop.

Magic Eden CEO and co-founder Jack Lu also holds the same view, saying:

“Currently, the priority is to provide creators with the support they deserve through the Creator Royalty Program. We are working with Yuga Labs to prepare for the development of an Ethereum market that will reset the royalty distribution standards and hope that this action will It resonates throughout the ecosystem.”

As we all know, a royalty is a percentage of the sales price that the original creator of an NFT receives each time the NFT is sold or transferred to a new owner. Royalties enable creators to continue to monetize their digital assets, provide an ongoing revenue stream, and encourage artists and content creators to enter the NFT space.

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