Tomorrow marks a critical turning point in the NFT field with the launch of Magic Eden’s Ethereum marketplace, which is poised to redefine the creator-collector relationship.
Rather than merely marking the debut of a new marketplace, the Yoga Labs stated in a post on the X that this launch is a significant step toward a Web3 environment run by creators.
Magic Eden, working with influential groups like Yuga, is setting the standard with features like customized collector sites, loyalty programs, and most critically, contractual royalty enforcement.
It is hard to overstate the importance of royalties in the NFT industry. Their consistent income stream enables designers to consistently produce entertaining, imaginative, and even bizarre activations that improve the surrounding space.
Recognizing this, Magic Eden has decided to exclusively support marketplaces that charge royalties to all authors, a brave move meant to ensure that creators get fair payment for their work.
In addition to this pledge, the announcement details a significant policy shift. As of February 27, money will no longer be provided to marketplaces that oppose royalties for all creators. Hence, only platforms that support and sustain this concept at the protocol level will be able to access certain collections, identified by a “royalty filter.”
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