Yuga Labs, the blockchain startup behind popular NFTs such as Bored Ape Yacht Club and CryptoPunks, has announced a partnership with cross-chain NFT platform Magic Eden to launch a new Ethereum marketplace. This marketplace, called Magic Eden ETH, will be the first major Ethereum NFT marketplace that is “contractually obligated” to protect creator royalties. The collaboration aims to address the issue of creator royalties, which has become a concern as some major NFT marketplaces have slashed fees or eliminated them entirely. Yuga Labs CEO, Daniel Alegre, sees this partnership as a win for the Web3 ecosystem, emphasizing the importance of respecting and supporting creative entrepreneurs.

Summary

Yuga Labs and Magic Eden will be launching a new Ethereum NFT marketplace called Magic Eden ETH. This marketplace is set to become the first major Ethereum NFT marketplace with a contractual obligation to protect creator royalties. The partnership aims to address the issue of creator royalties and support creative entrepreneurs in the Web3 ecosystem. Yuga Labs CEO, Daniel Alegre, believes that creators are critical to the success of Web3 and will exclusively partner with marketplaces that prioritize creator protection.

FAQs

What is Magic Eden ETH?

Magic Eden ETH is a new Ethereum NFT marketplace launched by Yuga Labs and Magic Eden. It is the first major Ethereum marketplace to have a contractual obligation to protect creator royalties.

Why is creator royalty protection important?

Creator royalty protection is important to ensure that artists and creators receive compensation for the use and sale of their work. It helps incentivize creativity in the NFT space and supports the livelihoods of artists and creators.

When will the Magic Eden ETH marketplace be launched?

The Magic Eden ETH marketplace is expected to be live by the end of 2023. More details will be announced soon.

What other NFT projects are associated with Yuga Labs?

Yuga Labs is known for its popular NFT projects such as Bored Ape Yacht Club, Otherside, Meebits, and CryptoPunks.

What is the significance of this partnership for the Web3 ecosystem?

This partnership between Yuga Labs and Magic Eden is significant for the Web3 ecosystem as it highlights the importance of protecting and supporting creators. By prioritizing creator royalties, the partnership aims to set a new standard for royalty allocation in the NFT marketplace and create a positive impact on the ecosystem.