Yuga Labs, a leader in the Web3 space and the owner of BAYC (Bored Ape Yacht Club), Meebits, 10KTF, CryptoPunks, Twelvefold, and Otherside, recently announced a partnership with Magic Eden, a pioneer in cross-chain NFTs, to launch an Ethereum-based marketplace for Magic Eden by December 2023.
This launch is the first Ethereum marketplace that is contractually required to acknowledge creator royalties. The efforts of Yuga Labs and Magic Edens reinforce their commitment to safeguarding creator royalties. It also aims to develop an innovative model, allowing more builders to enter the space.
Both leaders underline the importance of creating a fair, rewarding, and secure ecosystem for innovative content creators in the Web3 future. Ethereum will support the collaboration, which relies on ownership and creator empowerment to receive royalties. Amidst other marketplaces discouraging creative enterprise, Yuga Labs and Magic Eden made this philosophy non-negotiable.
Moving forward, for any new collection, Yuga Labs plans to exclusively engage with the Ethereum marketplace, upholding these principles and ensuring every creator receives fair treatment.
Yuga Labs CEO Daniel Alegre sees this collaboration as a win-win for the ecosystem and urges like-minded people to join and support Ethereum marketplace development to benefit Web3 developers.
The partnership will allow all creators on the Magic Eden ETH marketplace to add their digital collections to the ever-changing landscape and build a more equitable and fairer ecosystem for all participants.
Magic Eden’s co-founder and chief executive officer, Jack Lu, asserts that the organization aims to establish a Web3 ecosystem that benefits creators and incorporates champion creators into royalty programs. Aligning creator royalty allocation standards for the ecosystem, Magic Eden is prepared to establish the Ethereum marketplace in collaboration with Yuga Labs.
Yuga Labs, a Web3 company, is influencing the future of the industry via its narratives, communities, and experiences. It operates under the guiding principles of harnessing the full potential of the Web3 domain while refraining from imposing any restrictions. The Yuga team undertakes initiatives to rethink how we perceive real-world NFT utilities and to generate external pressure to advance. Yuga Labs, which debuted in 2021 with its Bored Ape Yacht Club collection, has garnered attention for being the first organization to offer IP licenses to NFT holders, for releasing the rights to numerous top collections (including Meebits and CryptoPunks), and for breaking all Web3 participation records with synchronized user participation.
Conversely, Otherside, a highly ambitious and pioneering Metaverse initiative, is being created as a defiance against the traditional restricted environments prevalent in the gaming industry. In 2022, Yuga Labs successfully completed a seed round, securing $450 million at a valuation of $4 billion.
Magic Eden is a pioneer in cross-chain NFTs, attracting billions of users to the Web3 realm. The platform enables users to collect, discover, and generate one-of-a-kind NFTs while introducing a cultural moment that is constantly evolving into the blockchain industry.