Yuga Labs Takes Stand for Creator Rights Ahead of Magic Eden Marketplace Launch
Yuga Labs, a prominent NFT studio, declared its decision to cease support for marketplaces that neglect creators’ royalties, emphasizing a commitment to a creator-led Web3.
This proclamation precedes the eagerly anticipated launch of Magic Eden’s Ethereum marketplace scheduled for Tuesday.
— Yuga Labs (@yugalabs) February 26, 2024
The strategic move comes on the heels of Blur‘s dominance in capturing the majority of NFT trading volume over a year ago.
Blur’s success was attributed to generous incentives and a substantially reduced royalty structure.
OpenSea, the former leading marketplace, subsequently followed suit by lowering its royalty fees in an attempt to compete.
The combination of reduced royalties and a decline in NFT trading volumes significantly impacted Yuga Labs’s revenues last year.
Last November, Magic Eden announced its partnership with Yuga Labs to launch a marketplace for Ethereum NFTs contractually obligated to enforce creator royalties, signaling a renewed focus on championing creator rights.
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
Adding to the unfolding narrative, Yuga Labs CEO Greg Solano has just announced a royalty reduction to commemorate the launch of Magic Eden’s Ethereum marketplace.
To celebrate the launch of Magic Eden’s Ethereum marketplace, we’re lowering royalties for 69 days: 2.5% for all our royalty-enforced collections, and 1% for legacy collections.
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) February 27, 2024
For the next 69 days, royalties for royalty-enforced collections will be 2.5%, and for legacy collections, it will be reduced to 1%.
This move aims to celebrate the intersection of innovation and creator support within the NFT space.
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