In a groundbreaking collaboration set to reshape the landscape of the digital realm, Yuga Labs and Magic Eden have joined forces to introduce a revolutionary ETH NFT marketplace. This collaboration, announced by Yuga Labs and Magic Eden on their official Twitter handles, marks a pivotal moment for creators in the Web3 space.
We’re thrilled to announce that we’re partnering with @yugalabs to launch a new ETH marketplace by the end of the year.
This will be the first major ETH marketplace to honor creator royalties for all ETH NFT collections.
Without creators web3 can’t exist. Here’s to supporting… https://t.co/Pqip41jJHt
— Magic Eden 🪄 (@MagicEden) November 4, 2023
Details of ETH NFT Marketplace
Yuga Labs, the pioneering force behind the iconic Bored Ape Yacht Club and Otherside mateverse, has unveiled a transformative partnership with Magic Eden, a leading entity in the NFT world. Together, they are set to launch the innovative Magic Eden ETH marketplace, slated to go live by the end of 2023. What sets this NFT marketplace apart is its commitment to honoring creator royalties, a game-changing move in the world of digital assets.
This collaboration signifies a significant step forward in the evolution of Web3. The Magic Eden ETH NFT marketplace will be the first major ETH marketplace contractually obligated to ensure fair compensation for creators. By acknowledging the pivotal role creators play in the Web3 ecosystem, this platform aims to foster a supportive environment where creativity thrives.
Honoring Creator Royalties: A Paradigm Shift in ETH Marketplace Dynamics
The Magic Eden ETH NFT marketplace promises a paradigm shift by putting creators at the forefront. In a space where digital art and collectibles are becoming increasingly significant, ensuring creators receive their due recognition and rewards is paramount. With this collaboration, Yuga Labs and Magic Eden are not just launching a marketplace; they are initiating a movement that values the creators who breathe life into the digital realm.
Without creators, Web3 can’t exist. Here’s to supporting creation and building a better future together. States Magic Eden in their official announcement
This sentiment encapsulates the ethos of the partnership – a shared commitment to empowering creators and architects of the virtual world.
It’s worth noting that discussions and significant moves within the NFT industry regarding royalties for authors and artists have been underway for about a year now. However, in August, OpenSea took a revolutionary step by announcing the removal of royalties for all creators. In response to this decision, Rarible, another major player in the NFT space, announced the termination of its integration with OpenSea. Simultaneously, Yuga Labs announced the suspension of all transactions related to their projects on OpenSea. And now, the creation of a marketplace by Yuga Labs and Magic Eden, marking a next significant milestone in the market’s history. There is a high likelihood that this collaboration between the two industry giants is a direct outcome of their participation in the OMA3 working group. This group was established specifically to set market standards for author royalties.
These events mark a turning point in the NFT industry, with prominent platforms and creators taking decisive actions in response to OpenSea’s controversial move. Discussions about royalties have now become more critical than ever, reflecting the evolving dynamics of the digital art world. Stay tuned as the industry navigates these significant changes and adapts to new paradigms in compensating creators and artists.
What to Expect: Launch Details and Beyond
The Magic Eden ETH marketplace is slated for a grand launch at the end of 2023. While specific details about the platform are yet to be unveiled, the promise of creator royalties being upheld is generating excitement and anticipation among the crypto community.