Bored Ape NFT creation team Yuga Labs announced today that the multi-chain NFT marketplace Magic Eden will launch the Ethereum market on Tuesday (27th), while Yuga Labs also announced that it will stop supporting market platforms that do not support all creators’ royalties.
Yuga Labs on the X platform
said
:
Yuga Labs released a list of collections, which will only be traded in markets that protect royalty payments in the future, including several series related to the metaverse platform the company is developing, such as the Otherside series, the 10KTF series, and the recently acquired Moonbirds NFT series by Yuga Labs.
As it stands now, this decision may not have a significant impact economically, as it does not involve the two largest NFT series in terms of trading volume, The Block Research analyst Steven Zheng
said
:
NFT markets that have contractual obligations to enforce royalties
This move comes after the NFT market Blur successfully captured the majority of NFT trading volume over a year later. Their success was largely due to the market offering generous incentives and introducing a structure that significantly reduced royalties. Previously leading OpenSea also followed suit by lowering royalties to compete with Blur.
The lower royalty structure combined with the decline in NFT trading volume led to a significant drop in Yuga Labs’ revenue last year. In November last year, Magic Eden
announced
a collaboration with Yuga Labs to launch the first Ethereum NFT market with contractual obligations to enforce creator royalties.
In a statement released today, Yuga Labs stated:
In addition, Louise Conroy, Vice President of Communications at Yuga Labs, revealed in an interview with “nft now” that their latest PFP (personal avatar type) NFT series
The Grailed
will be premiered in the Magic Eden market, created by the 10KTF team.