New Ethereum NFT Marketplace Launched to Safeguard Creator Royalties by Yuga Labs and Magic Eden


Yuga Labs, the Web3 startup behind the popular Bored Ape Yacht Club (BAYC), Otherside, Meebits and CryptoPunks, is partnering with Magic Eden, a cross-chain NFT platform, to launch a new Ethereum marketplace. The Magic Eden ETH marketplace is set to become the first Ethereum NFT marketplace to contractually protect creator royalties. It is expected to be live by the end of 2023.

Creators are critical to Web3, and this collaboration is a win for the whole ecosystem, according to Yuga Labs CEO Daniel Alegre. The BAYC creator plans to exclusively partner with marketplaces that seek to protect creators. Jack Lu, Magic Eden CEO and co-founder, said that right now it is a priority to provide creatives with the support they deserve, and they hope this action will reverberate throughout the ecosystem.

This is a major step for the NFT space, which has been facing the issue of creator royalties, particularly as major marketplaces slash fees or scrap them altogether. Yuga Labs and Magic Eden are clear that the issue of “creator royalties is non-negotiable”.

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