Yuga Labs, the creator of Bored Ape Yacht Club, CryptoPunks, and Otherside metaverse, is partnering with the popular NFT marketplace Magic Eden to reshape NFT trading. The collaboration will result in the launch of an Ethereum-based NFT marketplace by the end of 2023.
The marketplace is committed to safeguarding the contractual rights of creators, ensuring that they receive their royalties.
Jack Lu, the CEO and co-founder of Magic Eden, believed that the marketplace will change how royalties are allocated. He hopes that the principles they are championing will become the norm.
Yuga Labs is on the same page with Magic Eden on the issue of royalties. Yuga Labs’ CEO, Daniel Alegre, lauded Magic Eden’s role in building an Ethereum marketplace and supporting creators in Web3.
OpenSea’s Royalty Controversy and Yuga Labs’ Response
Before now, OpenSea’s controversial decision to discontinue creator royalties in August triggered a boycott and discontent among OpenSea’s user base. On August 18, Yuga Labs responded by hinting at the potential discontinuation of support for aspects of OpenSea’s trading platform.
OpenSea’s change includes the gradual removal of the Operator Filter. This formerly enabled NFT creators to enforce creator fees and royalties by preventing non-compliant transactions. The filter was deactivated on August 31. Nevertheless, collections beyond Ethereum and those that activated the feature before August 31 can impose fees until February 29, 2024.
The marketplace is not the only exciting thing about the synergy between Magic Eden and Yuga Labs. The popular NFT marketplace is also the principal sponsor of ApeFest HK. We are excited about this partnership and look forward to other ground-breaking ventures they delve into in the future.