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In a move that could be more symbolic than conclusive at the moment, leading NFT studio Yuga Labs announced that it will no longer support markets that do not honor creators’ copyright.
The decision came on the eve of Magic Eden’s launch of the Ethereum market today.
In its statement, the company said, “Yuga and Magic Eden, are taking a big step forward to bring us back to a web3 led by content creators. In line with the market launch, we will end our support for markets that do not honor royalty fees for all creators by tomorrow.”
“This means that our copyright-filtered collections will only transact in marketplaces that respect the copyrights of content creators.”
This move comes more than a year after Blur seized the majority of NFT trading volume. This success was largely dependent on the market offering generous incentives and implementing a significantly reduced copyright structure. OpenSea, the leading marketplace until then, did the same in hopes of competing with Blur by lowering their royalty fees.
The low copyright structure and decreased trading volumes for NFTs resulted in a significant decline in Yuga Labs’ revenues last year. Subsequently, in November, Magic Eden announced a partnership with Yuga Labs to launch a market for Ethereum NFTs that oblige creators’ copyright by contract.
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