MIAMI, Nov. 4, 2023 /PRNewswire/ — Yuga Labs, web3 leader and home of Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold and 10KTF, today announced it has formed a partnership with Magic Eden, the leading cross-chain NFT platform, to launch the new Magic Eden Ethereum marketplace by the end of the year. This will be the first major Ethereum marketplace contractually obligated to honor creator royalties. This effort reinforces Yuga Labs’ and Magic Eden’s commitment to protecting creator royalties and innovating on a model where more builders come to the space.
Yuga Labs and Magic Eden share a unified vision for the future of web3, emphasizing the importance of creating a fair and rewarding ecosystem for imaginative content contributors. This collaboration, built on the Ethereum blockchain, is an extension of this commitment. It hinges not only on the principle of ownership but on empowering creators to continue receiving royalty payments for their original work.
Yuga Labs and Magic Eden have made it unequivocal that respecting creator royalties is non-negotiable, a clear stance amidst a sea of other marketplaces who turn their backs on creative entrepreneurs. Going forward, for new collections, Yuga Labs will exclusively engage with marketplaces that uphold these principles, ensuring fair treatment of creators.
“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.”
This announcement is part of Yuga Labs’ ongoing commitment to solve some of the most fundamental issues that creators and builders face today as the company keeps its eye on its mission of building culture on the blockchain. On the Magic Eden marketplace, all creators can add their collections to an ever-evolving landscape, and bring along others to participate in a fairer, more equitable 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 a develop an Ethereum marketplace that resets the standard for royalty allocation and are hopeful this action will reverberate throughout the ecosystem.”
About Yuga Labs
Yuga Labs is a 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 look like and push the space forward as a whole. Since their launch in April 2021 with 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, Otherside is built with the community, rebelling 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. For more information, please visit www.magiceden.io.
SOURCE Yuga Labs