Yuga Labs, the creators of Bored Ape Yacht Club and Magic Eden, are collaborating to launch an Ethereum NFT marketplace to ensure creators receive the correct royalties.
In a statement shared on its X platform, Magic Eden expressed its enthusiasm for collaborating with Yuga Labs and working together to build the ETH market. They emphasize the importance of supporting creators because they believe web3 cannot thrive without them.
This partnership is designed to prioritize creators’ rights by ensuring they receive exact royalties from NFT sales. Together they are committed to strengthening the digital collectibles ecosystem by fostering creativity and innovation.
Through this partnership, Magic Eden will be obligated to share a portion of the secondary market sales proceeds from its NFT series with Yuga Labs.
Yuga Labs’ stance on OpenSea and royalty enforcement
Yuga Labs recently took Location About OpenSea and royalty enforcement. Since OpenSea announced the discontinuation of its own execution tool called “Chain Royalty”, they decided to reduce support for OpenSea. Carrier filter.
Launched in November 2022, the operator filter allows creators to limit the sale of their NFTs to platforms that provide royalties. The aim is to filter out platforms that do not adhere to these principles, including platforms like Blur.
However, OpenSea surprised everyone in August by revealing that they would be “retiring” carrier filters.
Bored Ape Yacht Club’s performance in the challenge
The NFT market encountered challenges in August, with trading volume hitting its lowest level in two years. The number of active participants trading NFTs has decreased.
Despite the difficulties faced by the NFT market, the floor price of BAYC NFT increased on October 30, reaching 30 ETH.
cNFT supported by Magic Eden’s Solana
Magic Eden is expanding support for Solana-powered compressed NFTs (cNFTs). The cNFT feature makes it easier for creators to mint NFTs on the Solana network.
Magic Eden made headlines for supporting the BRC 20 token on its Chain platform. The company believes that support for cNFT is a game-changing feature that will have a significant impact on the world of digital collectibles. At a time when NFT trading volume is facing challenges, Magic Eden’s approach has the potential to inject vitality into the market.