Key Points:
- Yuga Labs partners with Magic Eden to launch an NFT marketplace on Ethereum, with a commitment to enforce creator royalties payments.
- The new marketplace will use advanced smart contracts to ensure fair remuneration for creators.
- The launch of this new marketplace is expected to take place at the end of this year.
A Strategic Alliance between Magic Eden and Yuga Labs
Yuga Labs, the company behind the famous Bored Ape Yacht Club collection, is partnering with Magic Eden, an NFT marketplace on Solana, to create a brand new NFT marketplace on the Ethereum blockchain.
The key feature of this marketplace is that it will enforce royalties payments to creators, a subject that has been at the forefront of many discussions in the ecosystem. Note that the marketplace is set to launch at the end of this year.
Strengthening Creator Rights
The uniqueness of this initiative lies in its commitment to enforce the rights of NFT creators. The collaboration between Yuga Labs and Magic Eden is a direct response to recent debates where copyright protection has been widely questioned.
Indeed, the upcoming Ethereum marketplace will be contractually obliged to pay the royalties due to creators for secondary sales of NFTs. In other words, whenever an NFT is traded on the marketplace, a portion of that transaction (usually between 5 and 10%) will automatically be returned to the creators of the collection.
To execute this system, Magic Eden plans to introduce smart contracts that will guarantee royalty payments. More technical details will be revealed before the marketplace is launched. However, Magic Eden assures that this will not disrupt the user experience.
