Yuga Labs and Magic Eden announce new Ethereum NFT marketplace to protect creator royalties

• Yuga Labs and Magic Eden plan to launch the new Magic Eden ETH marketplace before the end of 2023.
• The startups claim this will be the first major Ethereum marketplace “contractually obligated” to protect creator royalties.
• Yuga Labs CEO Daniel Alegre says the new ETH marketplace is a win for the web3 ecosystem.

Yuga Labs, the Web3 startup behind the popular Bored Ape Yacht Club (BAYC), Otherside, Meebits and CryptoPunks, is partnering cross-chain NFT platform Magic Eden to launch a new Ethereum marketplace.

According to an announcement posted today on X, Yuga Labs said the collaboration with Magic Eden is for the launch of Magic Eden ETH marketplace, set to become the first Ethereum NFT marketplace to feature a contractual obligation to protect creator royalties.

The blockchain startup expects the marketplace to be live by the end of this year. 

Planting something new for all creators.

We’re partnering with Magic Eden to launch the new Magic Eden ETH marketplace – the first major ETH marketplace contractually obligated to honor creator royalties.

The marketplace will launch end of 2023, more details soon. pic.twitter.com/iDrBM46nHk

— Yuga Labs (@yugalabs) November 4, 2023

Creators are critical to Web3

Yuga Labs and Magic Eden’s endeavour comes as the NFT space grapples with the issue of creator royalties, particularly as major marketplaces slash fees or scrap them altogether. The two startups are unequivocal about the need to respect creative entrepreneurs, stating in a press release that the issue of “creator royalties is non-negotiable.”

The BAYC creator says it will, going forward, exclusively partner with marketplaces that seek to protect creators.

“We see this partnership with Magic Eden as a win for the whole ecosystem,” Yuga Labs CEO Daniel Alegre noted.

According to him, creators are key to Web3, and without them, the ecosystem won’t thrive.

Magic Eden CEO and co-founder, Jack Lu said:

“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 develop an Ethereum marketplace that resets the standard for royalty allocation and are hopeful this action will reverberate throughout the ecosystem.”