Yuga Labs and Magic Eden are set to launch their Ethereum-based non-fungible token (NFT) marketplace today, emphasizing a commitment to prioritizing creator royalties. In a notable shift, Yuga Labs has also announced the discontinuation of support for some of its collections on marketplaces that do not enforce creator royalties.
The announcement was shared through a post on X (Twitter) on February 26, clarifying that NFT collections by Yuga Labs featuring a royalty filter will exclusively be available on marketplaces adhering to “creator royalties for any and all creators at the protocol level.”
The change will take effect on February 27, coinciding with the launch of the new marketplace. Yuga Labs detailed the specific collections affected in a blog post, mentioning all collections associated with the Otherside metaverse project, 10KTF, and Sewer Passes.
This move reflects Yuga Labs’ emphasis on the significance of creator royalties. The company has consistently highlighted these royalties as a crucial factor for creators participating in Web3, as opposed to reverting to Web2.
Yuga Labs’ commitment to creator royalties was further underscored by its recent participation in the Open Metaverse Alliance for Web3 (OMA3). This alliance brings together influential figures from the NFT community to explore ways to empower and standardize creator royalties.
Now, the collaboration with Magic Eden for the launch of the creator royalty-centric marketplace marks a decisive step in reinforcing Yuga Labs’ dedication to this cause. As an initial celebration of the launch, Yuga Labs CEO announced a special initiative for the first 69 days. During this period, royalties for all its collections with enforced royalties will be reduced to 2.5%, and legacy collections will be reduced to 1%.
