YUGA LABS TAKES A STAND FOR NFT CREATOR ROYALTIES, PARTNERS WITH MARKETPLACES THAT PAY
Yuga Labs, the innovative studio behind the popular Bored Ape Yacht Club and Mutant Ape Yacht Club collections, has taken a bold stand for NFT creator royalties by announcing a strategic partnership shift with NFT marketplaces. The company has declared its commitment to only supporting marketplaces that uphold creators' rights to royalties, underscoring the importance of artist compensation in the digital art realm.
This decision comes amidst growing concerns for artists' rights in the rapidly expanding NFT market. Yuga Labs' influential position within the industry amplifies the significance of this move, aimed at ensuring creators receive fair and ongoing compensation for their work. The company's exclusive alignment with marketplaces that enforce strict royalty structures aims to promote a more equitable and sustainable ecosystem for digital creators.
The announcement coincides with the launch of Magic Eden's Ethereum marketplace, which has partnered with Yuga Labs to guarantee the respect of creator royalties. Magic Eden, known for its dominance in the Solana NFT marketplace, expanding to Ethereum signals a significant step towards broader creator support in the digital art world.
While Yuga Labs' new policy does not impact its flagship collections like the Bored Ape Yacht Club and Mutant Ape Yacht Club, due to their substantial trading volumes and royalty earnings, the focus shifts to protecting newer and other collections within Yuga's portfolio. This strategic pivot underscores the company's dedication to nurturing a creator-centric ecosystem beyond its most popular collections.
The acquisition of Proof, the entity behind the Moonbirds NFT collection, further demonstrates Yuga Labs' ambition to fortify its market position and cultivate a unified platform that enhances the value and appeal of its diverse collections.
Yuga Labs' decision sets a precedent for the NFT marketplace, potentially inspiring other entities to reconsider their policies regarding creator compensation. By advocating for platforms that guarantee creator royalties, Yuga Labs is fostering a fairer and more sustainable digital art market, benefiting both artists and collectors alike.
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