Magic Eden Forms Alliance to Protect Creator’s Royalties

About three months ago, we reported that Yuga Labs, the studio behind top NFT projects Bored Ape Yacht Club and Mutant Apes, is working with Magic Eden to launch a new marketplace that ensures secondary royalties for creators. The marketplace was expected to launch before the end of 2023 and will be the first Ethereum marketplace that is obligated to honor creator royalties.

Now it looks like Magic Eden, the popular multi-chain NFT marketplace that began on Solana, is doubling down on its commitment to creators. On Wednesday, the company announced on X that it has launched a new Creator’s Alliance program.

Although the post was light on details, the new program will bring together top NFT projects together to establish a sustainable royalty framework for creators. Magic Eden said that it formed the coalition because it believes “creators are the lifeblood of Web3.”

The list of projects and studios in the alliance is a “who’s who” of the NFT space. Some of the big names include RTKFT, Yuga Labs, Animoca Brands, DeGods, Pudgy Penguins, Azuki, Doodles, San FranTokyo, Neo Tokyo, World of Women, CyberKongz and many more. The X post also mentioned that other studios and projects are welcome “to join the cause,” although it didn’t say exactly how they can do so.

For now, the alliance will focus on Ethereum-based NFT projects in line with Magic Eden and Yuga Labs’ upcoming marketplace launch. However, an alliance focused on Solana-based NFTs is planned for the near future.

Last year, the right for creators to receive the royalties they set was debated fiercely in the space, with some marketplaces making royalty payments optional. When it comes to Solana-based NFTs on Magic Eden, buyers currently have the option of setting the percentage of royalties they wish to pay — with 100%, 50% or 0% as the options. However, Magic Eden’s new marketplace with Yuga Labs will obligate buyers to pay secondary royalty fees, an obvious win for creators.

Magic Eden Continues to Innovate in Competitive Market

Magic Eden began as a Solana-based NFT marketplace in 2021 and quickly rose to prominence due to its user-friendly interface and the low transaction fees for Solana-based NFTs. Since then, the marketplace has expanded to Polygon, Ethereum, and Bitcoin, and it is working hard to establish itself as the top creator-friendly marketplace.

At Rarity Sniper, we’ve covered several articles about Magic Eden recently. Here are some of the biggest headlines from the past year:

According to statistics from DappRadar, Magic Eden is currently in the number four spot for top NFT marketplaces over the past months — behind OpenSea, OKX, and Blur. As the competition for top NFT marketplaces continues to heat up, we’ll be keeping our eye on Magic Eden to see how things are playing out. But for now, it looks like creators have a lot to look forward to from the popular multi-chain marketplace.

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