November 6, 2023

Yuga Labs, Magic Eden Launch Ethereum NFT Marketplace

Magic Eden x Yuga Labs

Magic Eden x Yuga Labs

Yuga Labs, the creators of Bored Ape Yacht Club and Magic Eden, are teaming up to launch an Ethereum NFT marketplace that will guarantee fair royalties for creators.

In a statement posted on their X platform, Magic Eden expressed excitement about collaborating with Yuga Labs to build an ETH marketplace.

They emphasized that supporting creators is crucial, as the success of Web3 depends on their contributions. This partnership is focused on prioritizing the rights of creators by ensuring that they receive their full royalties from NFT sales.

Together, they aim to strengthen the digital collectibles ecosystem by promoting creativity and innovation. As part of the collaboration, Magic Eden will be responsible for sharing a portion of secondary market sales proceeds from their NFT collections with Yuga Labs.

Yuga Labs has recently announced that they will reduce their support for OpenSea. This decision was made in response to OpenSea’s announcement regarding discontinuing their chain royalty enforcement tool, Operator Filter.

Operator Filter, launched in November 2022, allowed creators to restrict sales of their NFTs to platforms that offer royalties.

This was intended to filter out platforms that didn’t adhere to these principles, such as Blur. However, OpenSea surprised everyone in August by revealing that they would be “sunsetting” the Operator Filter.

In August, the NFT market faced challenges and experienced its lowest transaction volumes in two years.

The number of active participants trading NFTs also decreased. Despite these struggles, the floor price of BAYC NFTs increased on Oct. 30, reaching 30 ETH.

Magic Eden is expanding its support for Solana-powered compressed NFTs (cNFTs). The cNFTs feature makes it easier for creators to mint NFTs on the Solana network. Magic Eden gained attention for supporting BRC20 tokens on its Chain platform.

The company believes that supporting cNFTs is a game-changing feature that will have a significant impact on the world of digital collectibles. At a time when NFT trading volume is facing challenges, Magic Eden’s approach has the potential to inject vitality into the market.

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