Bored Ape NFT creation team Yuga Labs announced today that the multi-chain NFT marketplace Magic Eden will launch its Ethereum marketplace on Tuesday (27th), while Yuga Labs also announced that it will cease support for market platforms that do not support all creators’ royalties.
Yuga Labs on the X platform stated:
Yuga Labs has released a collection list, which lists collections that will only be traded in markets that protect royalty payments in the future, including several related to the metaverse platform the company is developing, such as the Otherside series, 10KTF series, and the Moonbirds NFT series recently acquired by Yuga Labs.
At present, this decision may not have a significant economic impact, as it does not involve its two largest trading volume NFT series. The Block Research analyst Steven Zheng stated:
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 is largely due to the market offering generous rewards and introducing a structure that significantly reduces royalties. OpenSea, which has been in the lead, later followed suit by lowering royalties to compete with Blur.
The lower royalty structure, coupled 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 partnership with Yuga Labs to launch the first Ethereum NFT marketplace with contractual obligations to enforce creator royalties.
In a statement released today, Yuga Labs stated:
Additionally, Louise Conroy, Vice President of Communications at Yuga Labs, revealed in an interview with “nft now” that their latest PFP (Profile Picture) NFT series, The Grailed, created by the 10KTF team, will be showcased for the first time on the Magic Eden marketplace.