'TOMORROW': The Magic Eden X Yuga Labs Ethereum Based& Royalty Enforced Marketplace Opens On Tuesday

Magic Eden and Yuga Labs’ Ethereum-based, royalty-enforced marketplace will be opening its digital doors for the first time tomorrow and will reward Yugaverse traders with a 50% Diamond reward points bonus to kick things off!"

Things will be anything but boring in the Web3 world tomorrow as Magic Eden and Yuga Labs’ Ethereum marketplace goes live, and traders begin earning Magic Eden Diamond reward points for their Ethereum activity!"

“Tomorrow,” the platform tweeted along with a photo of a storm brewing above an open sea.

“Tomorrow the much-anticipated Magic Eden Ethereum marketplace goes live- the first major marketplace to partner with creators and launch a platform that we can be proud of- with custom pages for collectors, loyalty rewards, and contractual royalty enforcement,” Yuga Labs tweeted. “Yuga and Magic Eden are taking a big step forward to bring us back to a creator led web3 In sync with the marketplace launch, tomorrow we will be sunsetting our support for marketplaces who don’t support royalties for ALL creators. This mean that our collections with royalty filter will only be traded on marketplaces that respect creator royalties for any and all creators at the protocol level. Royalties are the lifeline that keep creators building fun, weird, and innovative activations in the space.”

Following this post, Yuga Labs explained that its Otherside expanded NFTs, Kodas, its varius LOTM collections, the 10KTF ecosystem, HV-MTLs, and Sewer Passes will only be tradeable on marketplaces that honor creator royalties beginning tomorrow.

 

The sunsetting of support for marketplaces that do not support creator royalties and Yuga Labs’ collaboration with Magic Eden comes after the NFT marketplace Opensea announced that it would make all creator royalties optional by February 29th, 2024, on August 17, 2023.

Two months after Opensea’s decision to make creator royalties optional, Yuga Labs Co-Founder Garga announced that Yuga Labs and Magic Eden would be teaming up to make an Ethereum based and royalty enforced marketplace.

"It sucks that a lot of marketplaces have turned their backs on the creators that helped build the platforms over the past two years,” Garga said to the club during ApeFest 2023. “And one of the most frustrating parts of that is the flipflopping. There’s a whole sea of marketplaces that want to support creators and then not the next. So it goes us thinking what would it be like if we could get one of these marketplaces to legally, contractually, and bindingly support creators in perpetuity. And that’s why I’m pretty stoked to have our sponsor magic Eden here."

The Bored Ape Gazette will bring you continued coverage of the Magic Eden X Yuga Labs Ethereum based marketplace. Stay tuned for updates!