Introducing the Ethereum NFT Marketplace by Yuga Labs and Magic Eden

Yuga Labs and Magic Eden Collaborate on Ethereum NFT Marketplace

Yuga Labs, the creators of Bored Ape Yacht Club and Magic Eden, have joined forces to launch an Ethereum NFT marketplace that prioritizes the rights of creators and ensures they receive their rightful royalties. The partnership aims to strengthen the digital collectibles ecosystem by fostering creativity and innovation.

Magic Eden expressed excitement about collaborating with Yuga Labs in building the ETH marketplace. They believe that supporting creators is crucial for the success of web3. As part of the collaboration, Magic Eden will share a portion of secondary market sales proceeds from their NFT collections with Yuga Labs.

Yuga Labs’ Stance on OpenSea and Royalty Enforcement

Yuga Labs has taken a position regarding OpenSea and royalty enforcement. They have decided to reduce their support for OpenSea due to the discontinuation of OpenSea’s chain royalty enforcement tool called Operator Filter. This tool allowed creators to restrict sales of their NFTs to platforms that offer royalties.

Bored Ape Yacht Club’s Performance Amidst Challenges

Despite challenges faced by the NFT market, Bored Ape Yacht Club’s NFTs saw an increase in floor price, reaching 30 ETH on Oct. 30.

Magic Eden’s Solana-Powered cNFTs

Magic Eden is expanding its support for Solana-powered compressed NFTs (cNFTs). These cNFTs make it easier for creators to mint NFTs on the Solana network. Magic Eden believes that supporting cNFTs will inject vitality into the market and have a significant impact on the world of digital collectibles.

Hot Take: Strengthening the NFT Ecosystem through Collaboration

The collaboration between Yuga Labs and Magic Eden marks an important step in strengthening the NFT ecosystem. By prioritizing the rights of creators and ensuring they receive their royalties, this partnership sets a precedent for fair practices within the industry. It also highlights the significance of supporting creators in the success of web3. With Magic Eden’s commitment to sharing proceeds from secondary market sales and Yuga Labs’ stance on royalty enforcement, this collaboration aims to foster creativity, innovation, and sustainability in the world of digital collectibles.