In a significant development for the non-fungible token (NFT) community, Yuga Labs, the creator of Bored Ape Yacht Club, has revealed its collaboration with Magic Eden, a prominent multi-chain NFT marketplace. Meanwhile, the partnership is aimed toward the launch of a new Ethereum-based marketplace, boasting a steadfast commitment to upholding creator royalties on NFT sales.
Notably, this platform is slated for a late 2023 release, and the two entities have made it explicitly clear that creator royalties are non-negotiable.
Yuga Labs Partners Magic Eden
The collaboration aims to address a growing concern within the NFT ecosystem where creator royalties have faced challenges. In recent times, the enforcement of these royalties has dwindled, with certain marketplaces resorting to workarounds or significantly reduced payments. Such a trend gained momentum in the latter half of 2022, leading to concerns within the NFT community.
Yuga Labs CEO Daniel Alegre expressed his company’s determination to advocate for content creators in light of these developments. He clarified that the actions of OpenSea had left a challenge that Yuga Labs, being a prominent NFT entity, couldn’t ignore in supporting content creators.
Magic Eden’s revamped Ethereum marketplace is set to introduce new smart contracts, which are integral to decentralized applications (dApps). These contracts will ensure the seamless execution of royalty payments during secondary market sales. While the technical specifics of this solution will be unveiled closer to the marketplace’s launch, it is confirmed that it will leverage the ERC-721 Ethereum NFT standard.
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