- Yuga Labs introduces a new pro-royalty Magic Eden platform on Ethereum.
- Top NFT collections RTFKT, Pudgy Penguins, and Azuki join the Creator Alliance.
- The Web3 giant is sunsetting support for platforms without mandatory royalties.
The Web3 behemoth Yuga Labs is creating a new digital collectible marketplace with Magic Eden. The two famed NFT brands joined forces to release a joint NFT marketplace on Ethereum, which went live on February 27, 2024.
By setting up Magic Eden’s new Ethereum marketplace, Yuga Labs aims to tackle the controversial issue of creator royalties. While many top NFT marketplaces have dropped the obligatory creator royalties, Yuga Labs has installed royalty filters on the collections owned by their franchise.
Magic Eden, known for its all-encompassing digital collectible platform, was chosen to build with Yuga Labs due to the wide reach of digital communities. With a wide digital creator audience, Magic Eden’s efforts to empower artists combine with Yuga Labs’ pro-royalty stance.
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“Magic Eden is the first major marketplace that partnered with creators to launch a platform that we can all be proud of – with custom pages for collectors, loyalty rewards, and contractual royalty enforcement,” stated Greg Solano, the CEO and Co-Founder of Yuga Labs.
Yuga & Magic Eden Builds The Digital Creator’s Alliance
Yuga Labs and Magic Eden assembled The Magic Eden Creator’s Alliance along with the new digital collectible marketplace. This initiative is set to raise awareness about the royalty framework related to digital art, highlighting the importance of fair compensation and fair competition.
As Magic Eden sets the new alliance in motion, Yuga Labs issued a list of their collections with the newly-implemented royalty filters, which mostly consists of gaming-related NFT collections like Otherside Expanded, Otherside: Mara, HV-MTL, Sewer Passes and Wagmi-san’s 10KTF.
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The Web3 enterprise pledged only to support those digital collectible marketplaces that abide by the royalty enforcement as “Royalties are the lifeline that keep creators building fun, weird, and innovative activations in web3,” according to Solano.
To celebrate the launch of the inaugural creator-empowering digital collectible platform on ETH, Yuga Labs, Magic Eden, and the Creator’s Alliance teamed up to create a commemorative NFT art designed by Clon from Cool Cats NFT. One thousand commemorative digital relics will be minted, and 500 will go to random users who used the new Magic Eden x Yuga Labs platform during the first month since launch. Another 500 digital collectibles will go to users who have garnered the most royalty fees for creators in the same period.
On the Flipside
- According to the rumors circling on X, the currently largest NFT platform, OpenSea, is mulling to take the U-turn after slashing the mandatory creator fees in August 2023.
Why This Matters
Royalty fees for digital artists have been a hot topic among crypto enthusiasts. A new marketplace implementing those fees could significantly contribute to rejuvenating blockchain-based digital collectibles.
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