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NFTs and Metaverse

Yuga Labs Joins Forces with Magic Eden to Safeguard NFT Creators’ Earnings

Yuga Labs Joins Forces with Magic Eden to Safeguard NFT Creators’ Earnings

Yuga Labs, known for its iconic Bored Ape Yacht Club, and Magic Eden, a leading multi-chain NFT marketplace, have united to introduce a groundbreaking Ethereum-based marketplace slated for release in late 2023.

This partnership aims to address a growing concern within the NFT ecosystem—a decline in safeguarding creator royalties on NFT sales.

The initiative emphasizes a pivotal commitment to re-establishing fairness by ensuring that creators receive their rightful compensation. In recent times, many platforms have struggled to maintain consistent royalty payments, either finding workarounds or significantly reducing them.

This concerning trend has caused unease within the NFT community, highlighting the necessity for a reinvigorated approach that honors creators’ contributions.

The forthcoming Ethereum marketplace, an outcome of the collaboration, represents an innovative solution to this challenge. Magic Eden’s enhanced platform will implement new smart contracts specifically designed for decentralized applications (dApps).

These smart contracts are instrumental in facilitating and securing royalty payments during secondary market transactions, operating on the widely used ERC-721 Ethereum NFT standard.

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Both Yuga Labs and Magic Eden stand firm in their commitment to ensuring creators’ rights. Furthermore, they actively advocate for other marketplaces to adopt similar protective measures, calling for an industry-wide commitment to fair compensation.

This strategic partnership not only aims to rectify the issue of declining creator royalties but also seeks to reignite the essence of community and innovation that initially attracted many to the NFT space. The collaboration marks a significant step in reshaping the landscape, fostering an environment where creators’ contributions are respected and justly rewarded.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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