There is news about a new marketplace for NFT on Ethereum.
It is a collaboration between Yuga Labs and Magic Eden, with the aim of protecting creators’ royalties.
Summary
NFT News: The Magic Eden Ethereum Marketplace
This collaboration is expected to result in the launch of the Magic Eden Ethereum Marketplace by the end of 2023.
Magic Eden is a cross-chain NFT platform that enables users from thousands of digital communities to create, discover and collect unique NFTs, bringing dynamic cultural moments to the blockchain.
In partnership with Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold and 10KTF, a new cross-chain NFT platform is being created that will be the first major Ethereum marketplace contractually obligated to pay creators’ royalties.Â
Currently, once a work associated with an NFT is sold, it can be freely used by its new owners, and indeed this leads to some forms of abuse. In addition, other users sometimes use works associated with NFTs without the permission of the creators.
Yuga Labs
Yuga Labs is a leader in the emerging Web3 industry. Its initiatives aim to reinvent the real-world utility aspect of NFTs and advance the industry as a whole.
Since its launch in 2021, it has made headlines as one of the first companies to issue IP licences to NFT holders, and in 2022 it raised an initial round of investment of $450 million, valuing it at $4 billion.
Together with Magic Eden, it shares a common vision for the future of Web3, where creating a fair and rewarding ecosystem for imaginative content creators is important.
The collaboration between the two is an extension of this commitment, as it is based not only on the principle of ownership, but also on the ability of creators to continue to receive royalties for their original works.
Respect for copyright is also fundamental in this sector in order to protect and reward the work of creators, even if other parties think otherwise. In the future, Yuga Labs will only work with marketplaces that commit to these principles for new collections, ensuring fair treatment for creators.
NFT Marketplaces
There are a number of NFT marketplaces that not only allow anyone to create and sell NFT, but also fail to protect copyright or exploitation rights.
As a result, creators lose complete control over their works once they are sold, leading to possible copying and counterfeiting, or exploitation to which they have no rights.
The risk is that many creators will be discouraged from producing and selling works in NFT format, which is why some are working on an alternative.
On the other hand, the beauty of NFTs is that their entire ownership history can be tracked on the chain, making it possible to trace the true owner at any time.
While there will always be traditional marketplaces where creators cannot claim any rights to their work once it has been sold, Magic Eden’s new marketplace will be an interesting alternative, especially for creators who care about their works of genius.
NFT News: Comments on Magic Eden’s new Ethereum marketplace
Daniel Alegre, CEO of Yuga Labs, said:
“We see this partnership with Magic Eden as a win for the whole ecosystem. We appreciate everyone in the space taking steps in this direction, and invite like-minded participants to get on board. Magic Eden is putting their money where their mouth is, and together we are supporting the building of an Ethereum marketplace that will back creators, without whom web3 would not exist”.
Jack Lu, CEO and co-founder of Magic Eden, added:
“We remain committed to the betterment of the web3 creator ecosystem, steadfast in our belief that we should champion creators who are the heart and soul of the industry. Right now, it’s a priority to provide creatives with the support they deserve with creator royalty programs. In collaboration with Yuga Labs, we’re set to a develop an Ethereum marketplace that resets the standard for royalty allocation and are hopeful this action will reverberate throughout the ecosystem.”
