Yuga Labs, the company behind the acclaimed Bored Ape Yacht Club and other notable web3 projects, has announced a strategic partnership with Magic Eden, a leading multi-chain NFT platform. Together, they are poised to launch a pioneering Ethereum marketplace by year’s end, dedicated to upholding creator royalties—a first of its kind in the blockchain domain.
The venture ensures ongoing compensation for content creators. Yuga Labs and Magic Eden commit to a web3 future that rewards creative forces behind digital content. The planned marketplace promotes ownership and guarantees sustainable benefits for creators.
A Unified Stance on Creator Royalties
Amidst a backdrop of marketplace platforms often sidelining creators’ financial interests, Yuga Labs and Magic Eden’s joint endeavor stands out. They have made it clear that honoring creator royalties is a core value, declaring an unwavering stance to partner only with marketplaces that share this principle. This stance aims to establish a norm within the industry, securing a fair and ethical treatment of creators.
Commitment to a Fair Ecosystem
The CEO of Yuga Labs, Daniel Alegre, expressed enthusiasm for the collaborative effort, seeing it as a victory for the entire web3 community. “We see this partnership with Magic Eden as a win for the whole ecosystem. 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.”
Jack Lu, CEO and co-founder of Magic Eden, echoed this sentiment, stressing the importance of supporting the driving forces of the industry; the creators. “We remain committed to the betterment of the web3 creator ecosystem, steadfast in our belief that we should champion creators who are the heart and soul of the industry. 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 a develop an Ethereum marketplace that resets the standard for royalty allocation and are hopeful this action will reverberate throughout the ecosystem.”