Yuga Labs and Magic Eden Unite to Launch Ethereum Marketplace
TLDR:
- Yuga Labs and Magic Eden partner to launch the new Magic Eden Ethereum marketplace by year-end.
- This collaboration focuses on upholding creator royalties, setting a precedent in the Ethereum space.
- The partnership emphasizes the importance of fair treatment for imaginative content contributors.
- Yuga Labs will exclusively engage with marketplaces honoring creator royalties for new collections.
- Both companies are committed to championing creators, reshaping the industry’s royalty allocation standards.
Yuga Labs, a prominent Web3 leader known for being the driving force behind Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold, and 10KTF, has unveiled a groundbreaking partnership with Magic Eden.
This collaboration aims to launch the Magic Eden Ethereum marketplace by year-end, distinguishing itself as the first major Ethereum marketplace contractually obliged to honor creator royalties.
The alliance between Yuga Labs and Magic Eden signifies a shared vision for the evolution of Web3, emphasizing the creation of a fair and rewarding ecosystem for creative content contributors.
Planting something new for all creators.
— Yuga Labs (@yugalabs) November 4, 2023
We’re partnering with Magic Eden to launch the new Magic Eden ETH marketplace - the first major ETH marketplace contractually obligated to honor creator royalties.
The marketplace will launch end of 2023, more details soon. pic.twitter.com/iDrBM46nHk
Anchored on the Ethereum blockchain, this venture not only champions ownership but also empowers creators to continue receiving due royalty payments for their original contributions.
“Respecting creator royalties is non-negotiable,” affirmed both Yuga Labs and Magic Eden, distinguishing their stance from other marketplaces that overlook the contributions of creative entrepreneurs.
Moving forward, Yuga Labs exclusively seeks partnerships with marketplaces aligned with these principles to ensure fair treatment of creators.
Yuga Labs’ CEO Daniel Alegre expressed, “Our partnership with Magic Eden is a win for the entire ecosystem. We encourage all participants to join this movement.
“Magic Eden’s commitment to supporting an Ethereum marketplace that values creators is a significant step in fostering a Web3 environment that acknowledges the indispensable role of creators.”
This development aligns with Yuga Labs’ ongoing dedication to addressing fundamental challenges faced by creators and builders.
We’re thrilled to announce that we’re partnering with @yugalabs to launch a new ETH marketplace by the end of the year.
— Magic Eden 🪄 (@MagicEden) November 4, 2023
This will be the first major ETH marketplace to honor creator royalties for all ETH NFT collections.
Without creators web3 can’t exist. Here’s to supporting… https://t.co/Pqip41jJHt
By staying true to their mission of fostering culture on the blockchain, Yuga Labs and Magic Eden provide a platform where creators can showcase their collections, cultivating a more inclusive and just ecosystem.
Magic Eden’s CEO and co-founder, Jack Lu, reinforced the commitment, stating, “Championing creators, the lifeblood of this industry, remains our steadfast commitment.
“Our focus on creator royalty programs reflects our dedication to providing creatives with the support they deserve.
“Collaborating with Yuga Labs, we are set to redefine royalty allocation in an Ethereum marketplace, setting a new industry standard.”
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