Yuga Labs& Magic Eden Are Building An Ethereum Based NFT Marketplace That Enforces Creator Royalties
Three months after the popular NFT marketplace Opensea announced that the platform would make creator royalty fees optional on collections by early 2024, Yuga Labs announced that it is building a new Ethereum-based and royalty-enforced marketplace in collaboration with Opensea's competitor, Magic Eden.
As thousands of Bored Ape Yacht Club members gathered at Kai Tak for ApeFest 2023, the club's Co-Founder, Garga, took the stage and announced that Yuga Labs will be partnering with Magic Eden to create an Ethereum-based NFT marketplace that respects creators' royalties.
"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. “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 im pretty stoked to have our sponsor magic Eden here. They put their money where their mouth is and we are going to be opening up a marketplace with magic Eden before the end of the year.”
After Garga’s announcement, Magic Eden’s Founder and BAYC member, Jack Lu, took the stage and told the crowd a little about why creator royalties are important and how he’s always been inspired by Yuga.
“We are very very excited about this partnership,” Lu said. “Little known fact, we started Magic Eden two years ago and Bored Apes were one of our biggest inspirations for starting it. As creators and founders, ourselves, we know how important it is to reward creators fairly. Amazing things like ApeFest cannot happen without creators being fairly rewarded for their efforts. So that’s why we want to build this creator first marketplace in partnership with Yuga, the most successful Web3 creator in the world. So let’s fucking go! Stay tuned. Cool shit is coming!”
Following Garga and Lu’s ApeFest announcement, Yuga Labs took to Twitter and announced the upcoming marketplace to the entire Web3 space.
As the Bored Ape Gazette previously reported, Yuga Labs first revealed that the company was looking into its own marketplace following Opensea’s announcement to make all royalties on its platform optional on February 29th, 2024.
The Bored Ape Gazette will continue to follow Yuga Labs’ upcoming marketplace and will let you know whern more information about it is revealed. Stay tuned for updates!