Image: AI-generated via Midjourney
Yuga Labs, the company behind Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), has partnered with SolanaMagic Eden-based NFT marketplace will launch a new Ethereum-based marketplace by the end of the year.
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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 statement. Press release SATURDAY.
- “We remain committed to improving the Web3 creator ecosystem, firmly believing that we must champion the creators who are the heart and soul of the industry,” said Jack Lu, co-founder and CEO of Magic Eden.
- The current NFT bear market has seen the Forkast Index 500 NFT drop of more than 54% since the start of the year, while blue-chip collections like BAYC pour 59% of their floor price during the same period.
- OpenSea, often ranked as the world’s largest NFT marketplace by volume, announcement Friday on X (formerly Twitter) that it has reduced its workforce
- In August, Open Sea reduces creator royalties on its platform, making them optional. Several artists said Forkast that OpenSea’s decision motivated their search for alternative platforms.
- OpenSea did not respond to Forkast’s request for feedback.
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