JAKARTA - Yuga Labs, a well-known NFT studio with the Bored Ape Yacht Club and Mutant Ape Yacht Club collection, has announced a strategic partnership with Magic Eden, the popular NFT marketplace on the Solana network. The partnership aims to expand Yuga Labs' reach to the Ethereum network, as well as support the rights of NFT creators to obtain royalties from the secondary sale of their work.
NFT Royalty Issues
NFT royalties are payments given to genuine creators whenever their NFT works are resold in the secondary market. NFT royalties provide incentives and awards to creators for their creativity and efforts, as well as enable them to get a sustainable revenue stream from their works.
However, not all NFT platforms respect NFT royalties. Some platforms have made royalty payments optional, or even don't offer them at all. This has the potential to harm NFT creators, who may lose most of their profits from their works.
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Yuga Labs And Magic Eden Solutions
Yuga Labs, which has created some of the world's most popular and valuable NFT collections, has taken a firm stance in supporting NFT royalties. Yuga Labs has stated that they will only partner with NFT platforms that respect royalty structures for all creators, including themselves.
One of the NFT platforms that meet this criteria is Magic Eden, known primarily as the largest NFT marketplace on the Solana network. Magic Eden has announced that it will launch a new marketplace for Ethereum NFT, which will be held alongside Yuga Labs.
The new market will ensure that Ethereum's NFT creators will get royalties from any secondary sale of their works, without depending on their platform of origin. In addition, the new market will also provide wider and easier access to NFT collectors from various networks.
What Is The Impact On The NFT Industry?
The partnership between Yuga Labs and Magic Eden is expected to have a positive impact on the NFT industry as a whole. This partnership will demonstrate their commitment and responsibility to NFT creators, who are the most important assets in the NFT ecosystem.
This partnership will also encourage other NFT platforms to reconsider their policies around NFT royalties, and may follow in the footsteps of Yuga Labs and Magic Eden. Thus, the NFT industry will become more fair, sustainable, and friendly to creators.
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