Yuga Labs, a prominent web3 leader known for its creations like the Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, Twelvefold, and 10KTF, has joined forces with Magic Eden, a leading cross-chain NFT platform. They’re gearing up to introduce the groundbreaking Magic Eden Ethereum marketplace by year-end.
This marketplace is set to become the very first Ethereum marketplace with a contractually committed honor for creator royalties. The collaboration highlights Yuga Labs’ and Magic Eden’s dedication to safeguarding creator royalties and revolutionizing a space that embraces more innovators.
Yuga Labs and Magic Eden both share a vision for the future of web3, emphasizing the importance of fostering a fair and rewarding environment for creative contributors.
This partnership, powered by the Ethereum blockchain, extends this commitment beyond mere ownership. It seeks to empower creators by ensuring they continue to receive royalties for their original work.
Unwavering Commitment to Creator Royalties
Yuga Labs and Magic Eden leave no room for ambiguity – respecting creator royalties is non-negotiable. This unequivocal stance sets them apart from other marketplaces that often neglect the interests of creative entrepreneurs. In a forward-looking move, Yuga Labs has decided to exclusively engage with marketplaces that uphold these principles for their new collections. This commitment ensures the equitable treatment of creators in the web3 space.
“We see this partnership with Magic Eden as a win for the whole ecosystem,”
said Yuga Labs CEO Daniel Alegre.
“We appreciate everyone in the space taking steps in this direction and invite like-minded participants to get on board. Magic Eden is putting their money where their mouth is, and together we are supporting the building of an Ethereum marketplace that will back creators, without whom web3 would not exist.”
A Step Towards a Fairer Web3 Ecosystem
This announcement is part of Yuga Labs’ ongoing commitment to address fundamental issues that creators and builders face in today’s web3 landscape. Yuga Labs remains dedicated to its mission of fostering culture on the blockchain. On the Magic Eden marketplace, all creators will have the opportunity to contribute their collections to a continuously evolving platform, creating a more equitable and just ecosystem.
“We remain committed to the betterment of the web3 creator ecosystem, steadfast in our belief that we should champion creators who are the heart and soul of the industry,”
added Magic Eden CEO and co-founder, Jack Lu.
“Right now, it’s a priority to provide creatives with the support they deserve with creator royalty programs. In collaboration with Yuga Labs, we’re set to develop an Ethereum marketplace that resets the standard for royalty allocation, and we are hopeful this action will reverberate throughout the ecosystem.”
About Yuga Labs
Yuga Labs is a visionary web3 company shaping the future through storytelling, experiences, and community. Guided by the belief that the potential of web3 can be realized when we start with imagination, not limitations, Yuga’s initiatives aim to reinvent what real-world utility for NFTs looks like and push the space forward as a whole.
Since their launch in April 2021 with the flagship collection Bored Ape Yacht Club, they’ve made headlines as one of the first companies to release IP licenses to their NFT holders, acquired and released rights to other top collections (CryptoPunks and Meebits), and made web3 history with record-breaking synchronized player participation in their newest initiative, Otherside.
One of the most ambitious interactive metaverse projects to date builds with the community and rebels against traditional walled gardens in gaming spaces. In March 2022, Yuga Labs raised a $450M seed round at a $4B valuation.
About Magic Eden
Magic Eden is the leading cross-chain NFT platform driving the next billion users to web3. Magic Eden brings dynamic cultural moments onto the blockchain, empowering users across thousands of digital communities to create, discover, and collect unique NFTs.