In an exciting development within the NFT space, Yuga Labs and Magic Eden are collaborating to launch an Ethereum-based NFT marketplace. With it, they are making extraordinary commitment: enforcing creator royalties. The Magic Eden Ethereum marketplace will likely debut before year-end. Also, this is poised to become the first major Ethereum marketplace that legally obligates the payment of creator royalties.
This significant step follows ongoing debates within the NFT community regarding the mandatory nature of creator royalties. Yuga Labs and Magic Eden are taking a definitive stance on the matter, solidifying their dedication to preserving rights and ensuring fair compensation for their artistic contributions. This collaboration signifies their commitment to the Web3 ecosystem's growth. It also emphasizes not only ownership but also consistent earnings for creators.
This joint announcement sends a clear message to the NFT community and the broader Web3 world that creator royalties are non-negotiable. Overall, Yuga Labs is committed to collaborating exclusively with platforms that share these principles. The goal is to create an environment where creators are valued for their contributions.
The Magic Eden marketplace will become a dynamic platform for creators to showcase their collections. By fostering an environment where artists receive fair compensation for their work, this collaboration aims to make the NFT ecosystem more equitable for everyone involved.
Jack Lu, CEO of Magic Eden, underlines the commitment to supporting creators and resetting the standards for royalty allocation. This bold vision shared by both Yuga Labs and Magic Eden could significantly impact how creator royalties are handled within the NFT sector.
Lab51 applauds this initiative by Yuga Labs and Magic Eden. This move to establish an Ethereum marketplace with guaranteed creator royalties signifies a pivotal moment in the NFT world. Also, this is a testament to their commitment to creators and sets an important precedent for the industry. It is something that we believe was much needed in the space.
Lab51, too, emphasizes the need for fair treatment of creators in the Web3 ecosystem, recognizing that this approach is vital for the sustained growth of digital art and NFTs.