- The two corporations have made it expressly plain that creator royalties are non-negotiable.
- Yuga Labs CEO Daniel Alegre said that the firm will continue to support artists.
Yuga Labs, the company behind the Bored Ape Yacht Club NFT project, has announced a partnership with Magic Eden, a major multi-chain NFT marketplace. The collaboration is geared towards the introduction of a new Ethereum-based marketplace that promises to maintain creator royalties on all purchases of NFTs.
Notably, this platform is targeted for a late 2023 deployment, and the two corporations have made it expressly plain that creator royalties are non-negotiable.
Supporting Content Creators
Moreover, the group is working together to fix a problem with creator royalties that has been plaguing the NFT ecosystem. Some marketplaces have found ways around paying these royalties or have drastically decreased their payments in recent years. This pattern accelerated in the second half of 2022, raising alarms among NFT experts.
In light of these changes, Yuga Labs CEO Daniel Alegre said that the firm will continue to support artists. He elaborated that as a leading NFT organization, Yuga Labs had to face the issue posed by OpenSea’s activities or risk looking bad when it came to helping out content producers.
Decentralized apps (dApps) rely heavily on smart contracts, which will soon be available in Magic Eden’s updated Ethereum marketplace.
Also, these agreements will make it possible to collect royalties on secondary market sales without any hiccups. While the details of this solution, including its technical implementation, will be made public closer to the launch of the marketplace, it is known that it will use the ERC-721 Ethereum NFT standard.
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