Yuga Labs, home of the Bored Ape Yacht Club and other top NFT collections, and Magic Eden, a top cross-chain NFT marketplace, are teaming up to create a new NFT marketplace aimed at ensuring secondary royalties for creators.
According to the report, the new marketplace will be launched before the end of the year, and two NFT collections that will participate include Twelvefold and 10KTF.
The new marketplace will be the first major Ethereum marketplace that is obligated to honor creator royalties, and both companies are hoping it will attract more creators and builders to the NFT space.
While the issue of creator royalties has been a controversial one, Yuga Labs and Magic Eden appear to have a shared vision for the future of NFTs and Web3. Both believe creators should continue to receive payments on secondary sales of their NFTs, a point that many builders in the NFT space also believe in.
While other marketplaces such as Blur have abandoned creator royalties, Yuga Labs — who owns not only BAYC but other top NFT collections like Mutant Ape Yacht Club, CryptoPunks, and Meebits — has stated that in the future it will only utilize marketplaces that ensure fair treatment of creators and their royalty rights.
Jack Lu, the CEO and co-founder of Magic Eden, said that the company believes in championing “creators who are the heart and soul of the industry.” He added that he was excited about the chance to collaborate with Yuga Labs to reset “the standard for royalty allocation” within the NFT ecosystem.
CEO of Yuga Labs, Daniel Alegre, said that he believes the “partnership with Magic Eden is a win for the whole ecosystem,” and that it was critical to “back creators, without whom Web3 would not exist.”
Magic Eden Is Having a Big Year
Magic Eden was founded as a Solana-only NFT marketplace in 2021. But since then, the popular marketplace that’s onboarded thousands, if not millions of people into Web3, has expanded its vision by including other chains and forming partnerships like the one above to ensure its survival in the space.
At Rarity Sniper, we’ve reported on several big stories from Magic Eden this year. Here are some of the top headlines involving the NFT marketplace from the past 12 months:
- Magic Eden Launches Web3 Venture Gaming Arm
- Magic Eden Opens its Marketplace to Ethereum NFTs
- Magic Eden, Polygon to Grow GameFi With New NFT Partnership
- Magic Eden Launches Bitcoin Ordinals Marketplace
- Magic Eden Open Doors for Ethereum in April
- Magic Eden to Debut Bitcoin Ordinals Launchpad
- Magic Eden Creates $1M Polygon Creator Fund for NFT Projects
Magic Eden has positioned itself nicely in the increasingly competitive NFT marketplace space, and from the looks of things, it intends to remain a top player. This latest partnership with Yuga Labs, one of the top NFT studios in the game, is a not only a big win for NFT creators, it’s another notch in the belt of Magic Eden.
At Rarity Sniper, we’ll be on the lookout for any updates to the story.