Yuga Labs, the company behind some of the most popular NFT collections, such as BAYC, has unveiled a partnership with Magic Eden for the debut of a new-brand Ethereum-based NFT marketplace.
Yuga Labs disclosed the partnership today through a post on X (Twitter), with the opening words “Planting something new for all creators.”
The new marketplace will operate on the Ethereum (ETH) blockchain and focus on prioritizing creator royalties.
Magic Eden, in its post on X, added it’ll become the first major Ethereum-based marketplace to honor creator royalties for all ETH NFT collections.
Although specific details are yet to be revealed, the marketplace is on track to make its debut by the end of 2023.
The topic of creator royalties has long sparked debate within the NFT community, with various marketplaces, including Magic Eden, taking their positions on rewarding creators.
Magic Eden, for instance, transitioned to offering optional creator royalties throughout the marketplace in 2022, allowing NFT owners to choose whether to compensate creators when reselling digital collectibles in the secondary market.
However, the shift towards optional or zero earnings from the resale of artists’ works may discourage original creators, prompting them to contemplate a return to conventional Web2 platforms.
Recognizing this concern, the Open Metaverse Alliance for Web3 (OMA3), a consortium comprising prominent Web3 companies, has united influential figures from the NFT community to discuss and find new solutions for the empowerment and standardization of creator royalties. This group also includes Magic Eden and Yuga Labs, along with other notable entities, like Animoca Brands.
The upcoming release of this new Ethereum-based NFT marketplace, emphasizing creator royalties, may potentially signify the first move by Yuga Labs and Magic Eden in their involvement with OMA3.