- Yuga Labs and Magic Eden plan to launch the new Magic Eden ETH marketplace before the end of 2023.
- The startups claim this will be the first major Ethereum marketplace “to be contractually obligated” to protect creator royalties.
- Yuga Labs CEO Daniel Alegre said the new ETH marketplace is a win for the web3 ecosystem.
Yuga Labs, the Web3 startup behind the popular Bored Ape Yacht Club (BAYC), Otherside, Meebits, and CryptoPunks, is launching a new Ethereum marketplace in partnership with cross-chain NFT platform Magic Eden.
According to an announcement posted today on It will be.
Blockchain startups expect the market to be active by the end of this year.
Planting something new for every creator.
We are collaborating with Magic Eden to launch the new Magic Eden ETH Marketplace. This is the first major ETH marketplace to be contractually obligated to honor creator royalties.
The Marketplace is scheduled to launch in late 2023, with more details to come. pic.twitter.com/iDrBM46nHk
— Yuga Labs (@yugalabs) November 4, 2023
Producers are very important to Web3.
Yuga Labs and Magic Eden’s efforts come as the NFT space grapples with creator royalties, especially as major marketplaces are cutting fees or scrapping them altogether. In a press release, the two startups made it clear that creative entrepreneurs must be respected, saying “the issue of creator royalties is non-negotiable.”
BAYC creators said that going forward, they will partner exclusively with marketplaces that seek to protect creators.
“We see this partnership with Magic Eden as a win for the entire ecosystem,” said Yuga Labs CEO Daniel Alegre.
According to him, creators are the heart of Web3 and without them the ecosystem cannot thrive.
Jack Lu, CEO and co-founder of Magic Eden, said:
“Right now, giving creators the support they deserve through our creator loyalty program is our top priority. “Working with Yuga Labs, we will develop an Ethereum marketplace that resets royalty allocation standards, and we hope this action will reverberate throughout the ecosystem.”