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Yuga Labs, Magic Eden to launch Ethereum NFT marketplace with enforced royalties
Nov, 06, 2023
1 min read
by Forkast
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFT), has partnered with Solana-based NFT marketplace Magic Eden to launch a new Ethereum-based marketplace by the end of the year.
See related article: Sam Bankman-Fried found guilty on all charges
Fast Facts
- Magic Eden Ethereum will become the first major Ethereum-based NFT marketplace that is contractually obligated to honor creator royalties, Yuga Labs said in a press release on Saturday.
- “We remain committed to the betterment of the Web3 creator ecosystem, steadfast in our belief that we should champion creators who are the heart and soul of the industry,” said Jack Lu, the co-founder and chief executive officer of Magic Eden.
- The current NFT bear market saw the Forkast 500 NFT index fall over 54% year-to-date, while blue-chip collections like the BAYC shed over 59% of their floor price in the same period.
- OpenSea, often ranked as the world’s largest NFT marketplace by volume, announced Friday on X (formerly Twitter) that it reduced its headcount
- In August, OpenSea cut creator royalties on its platform, making them optional. Several artists told Forkast that OpenSea’s decision has driven their search for alternative platforms.
- OpenSea did not respond to Forkast’s request for comments.
See related article: NFT’s October treat
Read More
SEC’s Hester Peirce Clarifies NFT Royalties Don’t Make Tokens Securities
NFT royalties don’t make tokens securities, says SEC’s Hester Peirce, stressing that ...
May, 21, 2025
2 min read
by BTC-Pulse
Yuga Labs, Magic Eden to launch Ethereum NFT marketplace with enforced royalties
Nov, 06, 2023
1 min read
by Forkast
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFT), has partnered with Solana-based NFT marketplace Magic Eden to launch a new Ethereum-based marketplace by the end of the year.
See related article: Sam Bankman-Fried found guilty on all charges
Fast Facts
- Magic Eden Ethereum will become the first major Ethereum-based NFT marketplace that is contractually obligated to honor creator royalties, Yuga Labs said in a press release on Saturday.
- “We remain committed to the betterment of the Web3 creator ecosystem, steadfast in our belief that we should champion creators who are the heart and soul of the industry,” said Jack Lu, the co-founder and chief executive officer of Magic Eden.
- The current NFT bear market saw the Forkast 500 NFT index fall over 54% year-to-date, while blue-chip collections like the BAYC shed over 59% of their floor price in the same period.
- OpenSea, often ranked as the world’s largest NFT marketplace by volume, announced Friday on X (formerly Twitter) that it reduced its headcount
- In August, OpenSea cut creator royalties on its platform, making them optional. Several artists told Forkast that OpenSea’s decision has driven their search for alternative platforms.
- OpenSea did not respond to Forkast’s request for comments.
See related article: NFT’s October treat
Read More
SEC’s Hester Peirce Clarifies NFT Royalties Don’t Make Tokens Securities
NFT royalties don’t make tokens securities, says SEC’s Hester Peirce, stressing that ...
May, 21, 2025
2 min read
by BTC-Pulse