Yuga Labs, the renowned NFT studio behind the iconic Bored Ape Yacht Club and Mutant Ape Yacht Club collections, has made a groundbreaking announcement. In a move that highlights the ongoing debate surrounding artist rights in the booming NFT sector, the company has decided to exclusively partner with NFT platforms that respect creator royalties.
This decision 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, marking a significant 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 their work without worrying about monetization brings back the joy of creating.”
Taking a closer look, Greg Solano, former CEO and Co-founder of Yuga Labs, tweeted, “To celebrate the launch of Magic Eden’s Ethereum marketplace, we’re temporarily reducing royalties for 69 days: 2.5% for all our collections with enforced royalties, 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 within its portfolio. With the acquisition of Moonbirds, Yuga Labs will also protect notable collections like Vessels, Maras, Koda, and Otherside: Catalyst, which are tied to its metaverse project. All these collections will operate under the new partnership guidelines.
Overall, Yuga Labs’ decision to prioritize creator royalties sets a precedent for the wider NFT market. It advocates for fair compensation and supports platforms that uphold the rights of creators. The company aims to create a more equitable and supportive environment for artists in the digital art space.
