Yuga Labs and Magic Eden have collaborated to transform the NFT marketplace. The two companies, renowned figures in the NFT space, aim to launch a new marketplace through their partnership. Furthermore, they will make an Ethereum-based platform available by the end of this year, which will honor creator royalties.
Yuga Labs X Magic Eden Collaboration
In a recent tweet, Yuga Labs, which is known for its premium NFT collections such as CryptoPunks and Bored Apes, made a ground-breaking announcement. The company is partnering with Magic Eden, which has grown across multiple blockchain ecosystems with its user engagement.
In addition to that, they are together building a marketplace that can provide unbiased support to creators and safeguard their rights. Also, Yuga Labs has shared more details on the collaboration on their X account. The core principle behind the partnership is that ownership and ongoing royalties for the creator are non-negotiable.
Furthermore, many NFT marketplaces have abandoned the concept of creator royalties, leading to discontent among artists. Notably, OpenSea faced a severe backlash when it canceled creator royalties. It resulted in ongoing dissatisfaction among its users. Therefore, to keep the spirits alive, Yuga Labs and Magic Eden are committing to this new initiative.
Yuga Labs’ Vision for the NFT space
The CEO of Yuga Labs, Daniel Alegre, highlighted that the two companies’ visions align and they are together encouraging others to join hands with them. He called this initiative a “win for the whole ecosystem.” Not to mention, their partnership will support various Web3-based businesses, creators, and artists.
Further, Jack Lu, CEO and co-founder of Magic Eden shared his point of view on the alliance. He underlined the company’s commitment to encouraging and supporting creators through royalty programs. Besides, Lu is hoping that the new venture will create new avenues. Besides, it will set a benchmark for royalty distribution in the Web3 domain.
The significance of the collaboration goes beyond business involvement. Both companies are more focused on addressing the key challenges in the Web3 space. Finally, they are looking to enhance the creator economy and create an equitable marketplace for cultural and digital communities.