Yuga Laboratories, renowned for their creation of the Bored Ape Yacht Club, have collaborated with Magic Eden. Together, they have introduced an Ethereum NFT marketplace with a specific aim in mind: to ensure fair compensation for creators.
In a statement on X, Magic Eden expressed their enthusiasm for partnering with Yuga Laboratories to create an Ethereum marketplace. They emphasized the importance of supporting creators, firmly believing that the web3 space cannot thrive without their contributions.
This partnership’s central objective is to champion the rights of creators by ensuring that they receive their precise entitlements from NFT sales. Together, they endeavor to fortify the digital collectibles ecosystem by nurturing inventiveness and groundbreaking ideas.
As part of this collaboration, Magic Eden will have the responsibility of sharing a portion of the secondary market sales revenue from their NFT collections with Yuga Laboratories.
NFT Market Dynamics: Yuga Laboratories’ Response, OpenSea’s Operator Filter Sunset, and Bored Ape Yacht Club’s Resilience
Yuga Laboratories recently took a stance on OpenSea and the implementation of royalties. This decision came following OpenSea’s announcement to terminate their in-house chain royalty enforcement tool, Operator Filter. As a result, Yuga Laboratories opted to reduce their support for OpenSea.
Introduced in November 2022, the Operator Filter allowed creators to restrict NFT sales to platforms that honored royalty agreements.The aim was to filter out platforms that did not comply with these standards, such as Blur.
However, OpenSea caught the community by surprise when they revealed in August that they would be “sunsetting” the Operator Filter.
Amid challenges, the Bored Ape Yacht Club’s performance faced a test. In August, the NFT market encountered difficulties, seeing transaction volumes drop to their lowest point in two years. Simultaneously, the number of active participants involved in NFT trading declined.
Innovative Moves in the NFT World: Bored Ape Yacht Club’s Price Milestone and Magic Eden cNFT Support
Despite the hurdles faced by the NFT market, the floor price of BAYC NFTs reached a milestone on October 30th, surging to 30 ETH.
Magic Eden’s Solana-powered compact NFTs Magic Eden is extending its support for Solana-powered compressed NFTs (cNFTs). These cNFTs incorporate features that simplify the process of minting NFTs on the Solana network for creators.
Magic Eden drew notice by supporting BRC 20 tokens on its Chain platform. The company sees endorsing cNFTs as a game-changing feature with significant implications for the digital collectibles realm. This approach could inject vitality into the market, especially during a time when NFT trading volumes are under pressure.