Yuga Labs, the creator of Bored Ape Yacht Club, and Magic Eden, a multi-chain NFT marketplace, have announced their partnership to launch an ethereum-based new market that will respect and enforce creator royalties on NFT sales. The platform is expected to launch in late 2023 and will use the ERC-721 standard for NFTs.
The problem of missing or reduced royalty payments
Creator royalties are a way of rewarding the original creators of NFTs for their work and innovation. They are usually a percentage of the sale price that is automatically paid to the creator every time their NFT is sold on a secondary market.
This creates a passive income stream for the creators and incentivizes them to create more and better NFTs.
However, not all NFT marketplaces respect and enforce creator royalties. Some platforms have been accused of bypassing or reducing the royalty payments or even stealing them from the creators.
This has caused a lot of frustration and discontent among the NFT community, especially the artists and collectors who value the originality and authenticity of NFTs.
The solution of new smart contracts and a new marketplace
Yuga Labs and Magic Eden have decided to collaborate and launch a new NFT marketplace that will uphold the creator royalties on NFT sales.
They have stated that creator royalties are non-negotiable and that they will introduce new smart contracts that will ensure the smooth and transparent execution of royalty payments.
The new marketplace will leverage the ERC-721 Ethereum NFT standard, which is one of the most widely used and supported standards for NFTs.
The ERC-721 standard allows for the specification of royalty payments in the metadata of each NFT, as well as the verification of the ownership and uniqueness of each NFT.
The technical details of the new smart contracts and the marketplace will be revealed closer to the launch date, but the partners have assured that they will be compatible with the existing NFT ecosystem and that they will offer a user-friendly and secure experience for both creators and buyers.
Yuga Labs and Magic Eden: A Historical Perspective
Yuga Labs is the company behind the Bored Ape Yacht Club, one of the most popular and successful NFT collections in the world.
The Bored Ape Yacht Club consists of 10,000 unique NFTs, each with its own traits and personality.
The NFT Collection also grants access to exclusive benefits and events for their holders, such as the Bored Ape Kennel Club, the Mutant Ape Yacht Club, and the Otherside metaverse.
Magic Eden is a leading multi-chain NFT marketplace that supports various blockchains, such as Solana, Ethereum, and Polygon.
The marketplace offers a wide range of NFT collections, from art and gaming to photography and music.
Magic Eden also hosts regular NFT drops and auctions on its Launchpad platform, featuring some of the most talented and innovative NFT creators in the industry.
