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<div class="coinjournal">
 <ul>
 <li>Yuga Labs and Magic Eden plan to launch the new Magic Eden ETH marketplace before the end of 2023.</li>
 <li>The startups claim this will be the first major Ethereum marketplace “contractually obligated” to protect creator royalties.</li>
 <li>Yuga Labs CEO Daniel Alegre says the new ETH marketplace is a win for the web3 ecosystem.</li>
 </ul>
 Yuga Labs, the Web3 startup behind the popular Bored Ape Yacht Club (BAYC), Otherside, Meebits and CryptoPunks, is partnering cross-chain NFT platform Magic Eden to launch a new Ethereum <a rel="noopener noreferrer nofollow" title="marketplace" href="https://thebittimes.com/tag/marketplace.html">marketplace</a>.
 According to an announcement posted today on X, Yuga Labs said the collaboration with Magic Eden is for the launch of Magic Eden ETH marketplace, set to become the first Ethereum NFT marketplace to feature a contractual obligation to protect creator royalties.
 The blockchain startup expects the marketplace to be live by the end of this year.&nbsp;
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 Planting something new for all creators.
 We’re partnering with Magic Eden to launch the new Magic Eden ETH <a rel="noopener noreferrer nofollow" title="marketplace" href="https://thebittimes.com/tag/marketplace.html">marketplace</a> – the first major ETH <a rel="noopener noreferrer nofollow" title="marketplace" href="https://thebittimes.com/tag/marketplace.html">marketplace</a> contractually obligated to honor <a rel="noopener noreferrer nofollow" title="creator" href="https://thebittimes.com/tag/creator.html">creator</a> <a rel="noopener noreferrer nofollow" title="royalties" href="https://thebittimes.com/tag/royalties.html">royalties</a>.
 The marketplace will launch end of 2023, more details soon. pic.twitter.com/iDrBM46nHk
 — Yuga Labs (@yugalabs) November 4, 2023
 </blockquote>
 
 <h2 id="span-style-font-weight-400-creators-are-critical-to-web3-span">Creators are critical to Web3</h2>
 Yuga Labs and Magic Eden’s endeavour comes as the NFT space grapples with the issue of <a rel="noopener noreferrer nofollow" title="creator" href="https://thebittimes.com/tag/creator.html">creator</a> <a rel="noopener noreferrer nofollow" title="royalties" href="https://thebittimes.com/tag/royalties.html">royalties</a>, particularly as major <a rel="noopener noreferrer nofollow" title="marketplace" href="https://thebittimes.com/tag/marketplace.html">marketplace</a>s slash fees or scrap them altogether. The two startups are unequivocal about the need to respect creative entrepreneurs, stating in a press release that the issue of “<a rel="noopener noreferrer nofollow" title="creator" href="https://thebittimes.com/tag/creator.html">creator</a> <a rel="noopener noreferrer nofollow" title="royalties" href="https://thebittimes.com/tag/royalties.html">royalties</a> is non-negotiable.”
 The BAYC creator says it will, going forward, exclusively partner with marketplaces that seek to protect creators.
 <blockquote>
 “We see this partnership with Magic Eden as a win for the whole ecosystem,” Yuga Labs CEO Daniel Alegre noted.
 </blockquote>
 According to him, creators are key to Web3, and without them, the ecosystem won’t thrive.
 Magic Eden CEO and co-founder, Jack Lu said:
 <blockquote>
 “Right now, it’s a priority to provide creatives with the support they deserve with creator royalty programs. In collaboration with Yuga Labs, we’re set to develop an Ethereum marketplace that resets the standard for royalty allocation and are hopeful this action will reverberate throughout the ecosystem.”
 </blockquote>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/yuga-labs-and-magic-eden-announce-new-ethereum-nft-marketplace-to-protect-creator-royalties-tbt69069.html">https://thebittimes.com/yuga-labs-and-magic-eden-announce-new-ethereum-nft-marketplace-to-protect-creator-royalties-tbt69069.html</a>

Yuga Labs and Magic Eden announce new Ethereum NFT marketplace to protect creator royalties

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