Yuga Labs and Magic Eden to Collaborate on a New Ethereum Marketplace to Protect Creator Royalties

In a groundbreaking partnership, Yuga Labs, a trailblazer in the web3 space known for its popular platforms like Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold, and 10KTF, has joined forces with Magic Eden, the leading cross-chain NFT platform. Together, they are set to introduce the innovative Magic Eden Ethereum marketplace by the year's end. This unique marketplace stands out as the first major Ethereum platform that is contractually bound to uphold creator royalties, marking a significant milestone in the evolution of the NFT world.

Yuga Labs and Magic Eden share a united vision for the future of web3, with a strong emphasis on creating a fair and rewarding ecosystem for imaginative content creators. Their collaboration, built on the Ethereum blockchain, extends beyond the concept of ownership; it empowers creators to continue receiving well-deserved royalty payments for their original works.

The duo has made it unequivocally clear that respecting creator royalties is non-negotiable, setting them apart from other marketplaces that often overlook the rights of creative entrepreneurs. Going forward, Yuga Labs has committed to exclusively partnering with marketplaces that uphold these principles for new collections, ensuring that creators are treated fairly and equitably.

Yuga Labs CEO Daniel Alegre emphasized the importance of this partnership, stating, "We see this collaboration with Magic Eden as a victory for the entire ecosystem. We commend everyone in the space who is moving in this direction and invite like-minded participants to join us. Magic Eden is demonstrating its commitment to the cause, and together, we are paving the way for an Ethereum marketplace that wholeheartedly supports creators, without whom web3 would not exist."

This announcement is a testament to Yuga Labs' ongoing dedication to addressing fundamental issues faced by creators and builders today, all while remaining focused on its mission of cultivating culture on the blockchain. On the Magic Eden marketplace, creators from all walks of life can showcase their collections in an ever-evolving landscape, offering others the opportunity to participate in a more equitable and just ecosystem.

Jack Lu, CEO and co-founder of Magic Eden, echoed this commitment, stating, "We remain steadfast in our mission to enhance the web3 creator ecosystem and to champion the creators who are the lifeblood of the industry. Our current priority is to provide creatives with the support they deserve through creator royalty programs. In collaboration with Yuga Labs, we are poised to develop an Ethereum marketplace that redefines the standard for royalty allocation, with hopes that this initiative will send ripples throughout the entire ecosystem."

This partnership is not only a milestone in the NFT world but also a significant step towards protecting and empowering creators in the digital age.