Posted: February 27, 2024 4:33 AM Updated: February 27, 2024 4:50 AM
Correction and fact check date: February 27, 2024, 4:33 AM
briefly
Yuga Labs has launched the Magic Eden Ethereum marketplace and will discontinue collaboration with marketplaces that do not support NFT creator royalties.
Yuga Labs announced the launch of the Magic Eden Ethereum marketplace and said it is one of the first major marketplaces to collaborate directly with creators. At the same time, Yuga Labs announced its intention to stop working with marketplaces that do not universally support NFT creator royalties.
Additionally, collections associated with Yuga Labs with royalty filters can be traded exclusively on platforms that comply with comprehensive enforcement of creator royalties at the protocol level. Additionally, Magic Eden’s Ethereum marketplace officially launched on February 27th, signaling the company’s shift to a more creator-centric Web3 environment.
The launch is seen as more than just the introduction of another marketplace, as analysts symbolize it as a proactive step toward fostering ethical NFT practices and empowering creators within the digital environment.
One of the key features introduced by Magic Eden is the implementation of contractual royalty enforcement. This recognizes the important role royalties play in providing creators with a sustainable income stream.
This move aims to ensure fair compensation for creators so they can continue to produce innovative content that enriches the digital art space.
Magic Eden’s policy change signals a new era for NFTs.
In line with our commitment to creator empowerment, Magic Eden has announced policy changes effective immediately. The platform will withdraw support for marketplaces that fail to implement universal loyalty enforcement. This policy change marks Magic Eden’s bold plan to prioritize a platform that champions creator rights and fair compensation practices.
As a result, certain popular collections such as Otherside Expanded, Vessels, Maras, Koda and several 10KTF collections will now be moved to platforms that support these principles.
The decision to implement royalties universally reflects a larger trend in the NFT community toward fair practices, transparency, and long-term sustainability. It serves as a reminder to marketplaces, collectors, and creators alike to align on the principles that will shape the future of digital art and collectibles.
Magic Eden’s commitment to ethical NFT practices and creator empowerment is further emphasized through the introduction of features such as personalized collector pages and loyalty incentives. These initiatives aim to strengthen the platform’s commitment to supporting creators while improving the overall user experience.
By prioritizing ethical practices and creator empowerment, Magic Eden sets a precedent for other platforms to follow, ultimately contributing to the long-term sustainability and growth of the NFT ecosystem.
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About the author
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.