Back to the list

Magic Eden and Yuga Labs Launch Ethereum Marketplace with Creator Royalties | Blockster

source-logo  blockster.com 27 February 2024 13:54, UTC

Magic Eden and Yuga Labs have officially launched their collaborative Ethereum marketplace. This groundbreaking platform not only provides users access to top-tier NFT collections but also ensures fair compensation for creators through a robust royalty framework.

The collaboration between Magic Eden, a leading cross-chain NFT platform, and Yuga Labs, a prominent Web3 lifestyle and media company known for iconic projects like Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold, 10KTF and PROOF, signifies a significant step forward in recognizing the vital role creators play in the NFT space.
"Royalties are the lifeline that keep creators building fun, weird, and innovative activations in Web3."

Greg Solano, CEO & Co-Founder of Yuga Labs
CEO Greg Solano praised Magic Eden as the first major marketplace to prioritize creator partnerships, highlighting features like custom collector pages, loyalty rewards, and contractual royalty enforcement.

In addition to launching the Ethereum marketplace, Magic Eden has established The Magic Eden Creator's Alliance, a solidarity initiative that advocates for a fair royalty framework across the industry. Through this alliance, Magic Eden and Yuga Labs pledge their support for marketplaces that prioritize creator royalties, setting a precedent for industry-wide fairness and accountability.

"We've always had a goal to expand and build an Ethereum marketplace but we wanted to do it right, and we were able to with amazing creators like Yuga Labs, innovators like Limit Break and the community support through our Creator's Alliance," said Magic Eden CEO and co-founder, Jack Lu.

"We're thankful for the collaboration with our partners as they share a strong commitment towards the future of Web3, which includes respecting creator royalties and incentivizing growth within the industry."

To celebrate the launch of the Ethereum marketplace, Magic Eden, Yuga Labs, and members of the Creator's Alliance have collaborated on a commemorative NFT art piece designed by Clon of Cool Cats. This limited-edition artwork will be distributed to users who engage with the platform during its inaugural month, further rewarding community participation.

The rollout of the Ethereum marketplace and The Creator's Alliance represents just the beginning of Magic Eden's ambitious plans for 2024. With initiatives like a cross-chain wallet, rewards program, and contributions to Non-Fungible DAO, Magic Eden is poised to drive innovation and shape the future of the NFT industry.

About Magic Eden

Magic Eden is a leading cross-chain NFT platform dedicated to building a user-friendly space for minting and collecting NFTs. With a focus on empowering users across diverse digital communities, Magic Eden brings dynamic cultural moments to the blockchain. Visit magiceden.io for more information.

About Yuga Labs

Yuga Labs is a prominent Web3 lifestyle and media company at the forefront of creative brand IP/NFT projects, gaming, and community experiences. With a mission to reinvent NFTs and push the boundaries of Web3, Yuga Labs owns the IP to iconic projects like Bored Ape Yacht Club and CryptoPunks. Learn more about their groundbreaking initiatives at yugalabs.xyz.