- The two companies have made it abundantly clear that creator royalties are not up for discussion.
- Yuga Labs CEO Daniel Alegre stated that the organization will persist in its support for artists.
Yuga Labs, the entity behind the Bored Ape Yacht Club NFT initiative, has revealed a partnership with Magic Eden, a prominent multi-chain NFT marketplace. This collaboration aims to launch a new Ethereum-based marketplace that is committed to preserving creator royalties on all NFT purchases.
Importantly, this platform is scheduled for a late 2023 release, and both companies have made it abundantly clear that creator royalties are non-negotiable.
Backing Content Creators
Additionally, the teams are collaborating to address an issue with creator royalties that has been affecting the NFT ecosystem. Some marketplaces have discovered methods to bypass paying these royalties or have significantly reduced their payments in recent years. This trend intensified in the latter half of 2022, causing concern among NFT professionals.
Given these developments, Yuga Labs CEO Daniel Alegre stated that the organization will continue to back artists. He explained that as a leading NFT company, Yuga Labs had to confront the challenges posed by OpenSea’s actions or risk damaging its reputation in supporting content creators.
Decentralized applications (dApps) depend significantly on smart contracts, which will soon be incorporated into Magic Eden’s enhanced Ethereum marketplace.
Furthermore, these contracts will facilitate the collection of royalties on secondary market transactions seamlessly. While specifics regarding this solution, including its technical execution, will be disclosed as the marketplace launch approaches, it is confirmed that it will utilize the ERC-721 Ethereum NFT standard.
Highlighted Crypto News Today:
FLOKI Staking Hits $54M TVL In One Week. Bullish?
