The BAYC NFT Group Will Introduce a Royalty-Based NFT Marketplace in Eight Weeks
Yuga Labs has teamed up with Magic Eden to launch a creator-centric marketplace on Ethereum.
Yuga Labs, developers of the popular Bored Ape Yacht Club (BAYC) NFT set, has formed a partnership with Magic Eden, a prominent cross-chain NFT platform.
This was announced by Yuga Labs in a press release and via the company’s official X platform (Twitter) account. The tweet was concluded with the words, “Planting something new for all creators,” by Yuga Labs.
The announcement claims that over the next eight weeks, Yuga Labs and Magic Eden would establish an Ethereum marketplace together. Creators’ ability to reliably collect their due royalties for their work is central to the platform’s design.
When an NFT changes hands, the original inventor receives a royalty payment equal to a percentage of the selling price. This approach allows producers to keep a constant cash stream from their digital products. It would reportedly be the first centralized Ethereum marketplace with a legal obligation to protect creative royalties. Executive Director of Yuga Labs Daniel Alegre said:
“We believe that the whole ecosystem will benefit from working with Magic Eden. Magic Eden is doing what they say they will do, and we are all helping to build an Ethereum market that will support artists.”
In addition, the article emphasized that the partnership between Yuga Labs and Magic Eden is founded on a same goal for the development of Web3. They see it as a vision that recognizes the need of creating a fair and fulfilling environment for those who contribute their creativity.
Thus, Yuga Labs and Magic Eden have said clearly that “considering creator royalties is non-negotiable.” To add to this, Yuga Labs has announced that moving ahead, it will only work with markets who share these values when releasing new collections.