Multi-chain NFT marketplace Magic Eden announced Saturday that it will launch a new Ethereum platform by the end of the year in collaboration with Bored Ape Yacht Club creator Yuga Labs—with a firm commitment to honor creator royalties on NFT sales. Creator royalties are a small fee set by the artist or company behind a project and taken from the sale price of any follow-up sale of an NFT. Some marketplaces began using workarounds to let traders skip such creator fees, or pay smaller amounts. Magic Eden is introducing a new smart contract to ensure that royalties are paid out during secondary market sales. The companies said that the standard ERC-721 Ethereum non-fungible token (NFT) standard will be used. Yuga Labs and Magic Eden have “made it unequivocal that respecting creator royalties is non-negotiable”. The companies hope that other marketplaces will choose to use the same kind of contracts introduced through this collaboration. Magic Eden is also in a working group with Yuga Labs in OMA3 to improve royalties standards. This collaboration between Yuga Labs and Magic Eden is a move to address flagging creator royalties enforcement and support artists. #NFT #Ethereum #CreatorRoyalties #OMA3
You can read more about this topic here: Decrypt: Bored Ape Creator Yuga Labs and Magic Eden Launching Ethereum NFT Marketplace That Enforces Royalties
