In a groundbreaking move, Magic Eden, in partnership with Yuga Labs, has launched what it claims to be “the industry’s first major Ethereum platform to honor creator royalties.” This bold step underscores a commitment to supporting creators and ensuring they receive fair compensation for their work.
In conjunction with this launch, Magic Eden has introduced its Creator’s Alliance initiative, aimed at promoting the enforcement of creator royalties as a universal standard. Creators are invited to join the Alliance and agree to exclusively list their products on platforms that enforce royalties. Already, prominent brands like Yuga Labs, RTFKT, Azuki, and Pudgy Penguins have pledged their support to this cause.
Greg Solano, CEO of Yuga Labs, emphasized the importance of royalties in sustaining creativity in the web3 space, stating, “Royalties are the lifeline that keep creators building fun, weird, and innovative activations in web3.” He praised Magic Eden for partnering with creators to launch a platform that upholds this principle, offering features like custom collector pages, loyalty rewards, and contractual royalty enforcement.
To mark the occasion, Yuga Labs has temporarily reduced its collection royalties, demonstrating its commitment to celebrating and supporting creators. Solano announced the reduction, stating, “To celebrate the launch of Magic Eden’s Ethereum marketplace, we’re lowering royalties for 69 days: 2.5% for all our royalty-enforced collections and 1% for legacy collections.”
Magic Eden CEO and co-founder, Jack Lu, expressed gratitude for the collaboration with partners like Yuga Labs, highlighting their shared commitment to the future of web3. He emphasized the importance of respecting creator royalties and fostering industry growth.
In a gesture of appreciation, Yuga Labs, Magic Eden, and other members of the Creator’s Alliance have collaborated on a commemorative NFT designed by Cool Cats artist Clon. This limited edition NFT will be distributed as a token of gratitude to platform users and those who have contributed significantly to creator royalties on the site.