According to Coincu, Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold, and 10KTF, has announced a strategic partnership with Magic Eden, a leading cross-chain NFT platform. The collaboration aims to create a fair and rewarding web3 ecosystem for content creators by launching a new Magic Eden Ethereum marketplace by the end of the year. This marketplace will prioritize ensuring that creators receive their rightful royalties, a significant achievement in the NFT space.
By leveraging the Ethereum blockchain, Yuga Labs and Magic Eden emphasize the importance of ownership and ensuring that creators are fairly compensated for their original works. Both companies are committed to upholding creator royalties, setting them apart from marketplaces that overlook the interests of creative entrepreneurs. Yuga Labs will exclusively partner with marketplaces that adhere to these principles for new collections, ensuring that creators are treated fairly.
Daniel Alegre, the CEO of Yuga Labs, sees the partnership with Magic Eden as a positive development for the ecosystem and invites like-minded individuals to join them. Magic Eden demonstrates its dedication to supporting creators, who are the foundation of the web3 industry. This announcement aligns with Yuga Labs' mission of addressing the challenges faced by creators and builders while cultivating a blockchain-based culture. On the Magic Eden marketplace, all creators will have the opportunity to showcase their collections, fostering a more equal ecosystem. Jack Lu, the CEO and co-founder of Magic Eden, highlights their commitment to the web3 creator ecosystem and advocating for creators. Their main priority is providing creatives with the support they deserve through creator royalty programs. In collaboration with Yuga Labs, they aim to develop an Ethereum marketplace that revolutionizes the distribution of royalties and resonates throughout the ecosystem.
