Yuga Labs, a renowned NFT studio known for its iconic Bored Ape Yacht Club and Mutant Ape Yacht Club collections, has taken a significant step forward. The company has announced that it will exclusively partner with NFT platforms that prioritize royalties for all creators. This decision marks a crucial moment in the ongoing discussion surrounding artist rights in the rapidly growing NFT industry.
This move comes just before the launch of Magic Eden’s Ethereum marketplace, which is scheduled for Tuesday. Magic Eden, a dominant player in the Solana NFT marketplace, aims to expand its reach by introducing a new marketplace for Ethereum NFTs in collaboration with Yuga Labs. Notably, this platform is committed to upholding creator royalties, representing a major milestone in the protection of artists’ rights.
In a recent interview, Yuga Labs’ Product Manager, PPMAN, emphasized the importance of ensuring fair compensation for creators. PPMAN stated, “Being able to work in a space where royalties are enforced and creators can focus on building without worrying about monetization brings back the joy in creating.”
Additionally, Greg Solano, the former CEO and Co-founder of Yuga Labs, tweeted, “To celebrate the launch of Magic Eden’s Ethereum marketplace, we are lowering royalties for 69 days: 2.5% for all our royalty-enforced collections and 1% for legacy collections.”
While this decision may not have an immediate impact on Yuga Labs’ flagship collections, Bored Ape Yacht Club and Mutant Ape Yacht Club, it underscores the company’s commitment to supporting newer collections in its portfolio. After acquiring Moonbirds, Yuga Labs will protect notable collections such as Vessels, Maras, Koda, and Otherside: Catalyst, which are tied to its metaverse project, under the new partnership guidelines.
Overall, Yuga Labs’ prioritization of creator royalties sets a precedent for the wider NFT market. It advocates for fair compensation and supports platforms that uphold creators’ rights. The company aims to create a more equitable and supportive environment for artists in the digital art space.