Major developments in the NFT community, uga laboratoryThe founder of Bored Ape Yacht Club revealed its cooperation with multi-chain NFT marketplace Magic Eden.
At the same time, this collaboration aims to launch a new Ethereum-based market, demonstrating a strong commitment to maintaining creator royalties from NFT sales.
Notably, the platform is scheduled to launch in late 2023, and the two entities have made it clear that creator royalties are non-negotiable.
Yuga Labs partners with Magic Eden
The partnership aims to address a growing issue in the NFT ecosystem, namely challenges with creator royalties.
Enforcement of these royalties has tapered off in recent years, leading some markets to adopt workarounds or significantly reduce payments.
This trend will intensify in the second half of 2022, causing concern in the NFT community.
Yuga Labs CEO Daniel Alegre said that in the face of these developments, the company is determined to support content creators.
He made it clear that OpenSea’s behavior has brought a challenge that cannot be ignored to the well-known NFT organization Yuga Labs in supporting content creators.
Magic Eden’s innovative Ethereum marketplace will launch new smart contracts, which are essential for decentralized applications (dApps).
These contracts will ensure seamless implementation of royalties during secondary market sales.
While specific technical details of the solution will be revealed closer to launch, it has been confirmed that it will utilize the ERC-721 Ethereum NFT standard.
Yuga Labs and Magic Eden have made it clear that their commitment to maintaining creator royalties extends beyond exclusivity agreements.
At the same time, these companies encourage other markets to adopt these innovative contracts and maintain a level playing field for creators.
In particular, NFT creators are encouraged to create their projects using these contracts to extend similar protections to their creations.
The partnership between Yuga Labs and Magic Eden, and their commitment to creator royalties, is seen as an important step in restoring respect for the importance of creators in the ecosystem. NFT status.
Notably, both companies believe this collaboration marks an important start in building a fairer and more creative world for creators and their communities.
As the NFT market continues to grow, the two entities’ stance sends a strong message that creators in the digital art and collectibles space need to be fairly compensated.
This measure could help reignite the magic of community and creativity that attracted many people to NFTs in the first place, while ensuring creators are properly rewarded for their contributions.
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