Yuga Labs and Magic Eden to Launch Ethereum NFT Marketplace: A Game-Changer for Creators

ChainPlay

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one year ago

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Yuga Labs, a pioneering web3 company, and the driving force behind renowned NFT collections like Bored Ape Yacht Club, CryptoPunks, Meebits, and others, has recently unveiled a groundbreaking partnership with Magic Eden, a leading cross-chain NFT platform. This collaboration aims to introduce the Magic Eden Ethereum marketplace, a pioneering venture set to uphold creator royalties, marking a significant shift in the NFT space.

A Shared Vision for Web3's Future

Yuga Labs and Magic Eden are united in their vision for the future of web3, emphasizing the creation of a fair and rewarding ecosystem for imaginative content contributors. Rooted in the Ethereum blockchain, this collaboration is an extension of their commitment to both ownership principles and empowering creators to continue receiving royalties for their original work.

The partnership leaves no room for ambiguity as Yuga Labs and Magic Eden make it clear that respecting creator royalties is non-negotiable. This resolute stance sets them apart from marketplaces that neglect creative entrepreneurs. Moving forward, Yuga Labs will exclusively engage with marketplaces that uphold these principles, ensuring creators receive fair and just treatment.

Yuga Labs' CEO, Daniel Alegre, sees the partnership with Magic Eden as a significant step in the right direction for the entire ecosystem. He encourages like-minded participants to join this initiative, applauding Magic Eden's tangible commitment to backing creators, who are the lifeblood of the web3 space.

Non-Negotiable Commitment to Creator Royalties

This announcement is a testament to Yuga Labs' ongoing dedication to address the fundamental issues faced by creators and builders in the web3 landscape. Their mission is centered on building a culture on the blockchain, and the Magic Eden marketplace presents an opportunity for creators to participate in a fairer and more equitable ecosystem.

Magic Eden's CEO and co-founder, Jack Lu, reiterates their commitment to bettering the web3 creator ecosystem. Their priority is to provide creatives with the support they deserve through creator royalty programs. Collaborating with Yuga Labs, they are poised to develop an Ethereum marketplace that sets a new standard for royalty allocation, with hopes that this action will have a positive ripple effect throughout the entire ecosystem.

About Yuga Labs

Yuga Labs is a web3 company that envisions a future shaped through storytelling, experiences, and community building. Their initiatives aim to redefine the utility of NFTs and push the web3 space forward. They made headlines with pioneering moves such as releasing IP licenses to NFT holders, acquiring and releasing rights to top collections like CryptoPunks and Meebits, and achieving record-breaking synchronized player participation in their ambitious Otherside project, a groundbreaking interactive metaverse initiative. In March 2022, Yuga Labs raised an impressive $450 million in a seed round, valuing the company at $4 billion.

Final Thoughts

The Yuga Labs and Magic Eden partnership represents a significant milestone in the NFT space, as it underscores the importance of creator royalties and the commitment to supporting content creators in the web3 ecosystem. This collaboration promises to reshape the NFT landscape, ensuring that creators receive fair compensation for their contributions and creating a more equitable environment for all.