Yuga Labs Teams Up with NFT Marketplace Magic Eden
- Yuga Labs has teamed up with Solana-based NFT marketplace Magic Eden, as per a Nov. 4 statement.
- The partnership is focused on “protecting creator royalties.”
- CEO Daniel Alegre claims that this partnership is a “win for the whole ecosystem.”
- In an official post on X, it was confirmed that the marketplace will debut by the end of 2023.
Yuga Labs, the firm behind popular non-fungible token projects like the Bored Ape Yacht Club (BAYC) and Apecoin (APE), has announced a partnership with Solana-based NFT marketplace Magic Eden. As per a statement, the two will team up to debut the new Magic Eden Ethereum marketplace by the end of the year.
As per the November 4 press release, the new NFT marketplace on Ethereum will be the first one contractually obligated to honor creator royalties. The move reinforces the commitment of Yuga Labs and Magic Eden to “protecting creator royalties and innovating on a model where more builders come to the space.”
Yuga Labs CEO Daniel Alegre claims that this partnership is a “win for the whole ecosystem,” while adding:
“We appreciate everyone in the space taking steps in this direction and invite like-minded participants to get on board. Magic Eden is putting their money where their mouth is, and together we are supporting the building of an Ethereum marketplace that will back creators, without whom Web3 would not exist,” said Alegre.
The new Ethereum marketplace is focused on empowering creators to continue receiving royalty payments for their original work. Yuga Labs stated that amid a global trend of NFT platforms ignoring the royalties of their creators, the new marketplace will be more focused on these royalties.
Yuga Labs confirmed that in the coming days, it will “exclusively engage with marketplaces” that ensure a fair treatment of creators, not only focusing on their sole profits by boosting their user base.
The firm behind BAYC NFT collection also took to social media platform X to confirm the announcement while adding that the marketplace will debut by the end of 2023.
Jack Lu, the CEO and co-founder of Magic Eden, said that the NFT creators are the “heart and soul of the industry,” while adding:
“Right now, it’s a priority to provide creatives with the support they deserve with creator royalty programs. In collaboration with Yuga Labs, we’re set to develop an Ethereum marketplace that resets the standard for royalty allocation and are hopeful this action will reverberate throughout the ecosystem,” said Lu.
Back in October, Yuga Labs laid off employees without revealing the number of people affected. CEO Alegre said that the firm took on too much internally, adding that it needs to refocus its priorities. Meanwhile, the firm partnered with Gucci earlier this year as well.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
