Magic Eden and Yuga Labs jointly launch the Ethereum NFT market! Royalties will be enforced

NFT trading platform Magic Eden announced the launch of a new Ethereum market in partnership with Yuga Labs, which is scheduled to start operating at midnight on the 28th, Beijing time. It is said that the market may implement a mandatory royalty function, which may cause Yuga Labs' works, such as the Bored Ape Yacht Club (BAYC) collection, to stop trading on the royalty-free market.

Magic Eden cooperates with Yuga Labs

• Reopening the Ethereum market

Magic Eden announced plans to enter the Ethereum market as early as 2022 Ethereum ecosystem and launched related products. Until November last year, Yuga Labs announced that it would join forces with Magic Eden to launch a new Ethereum service, which led to the closure of the original market and has been preparing to this day.

• Yuga Labs will stop supporting the royalty-free market

Yuga Labs official tweet pointed out that Magic Eden’s Ethereum market plans to make royalties mandatory, And gradually stop supporting the trading of its NFT collections on other zero-royalty trading markets, such as OpenSea or Blur, to safeguard the rights of creators.

Yuga Labs’ new product aims to boost its mandatory royalty program. Since OpenSea announced support for zero-royalty functionality, Yuga Labs has been actively maintaining its royalty strategy, including contract design and market communication. Finding an NFT trading marketplace that supports its strategy and has strong brand value is crucial. This step will help ensure the smooth execution of their royalty plan and promote the development of the NFT market.

• Magic Eden points activity bonus
  

As long as it is the following NFT series under Yuga Labs, the points activity in Magic Eden will be calculated , you can have a 50% points (Diamonds) bonus:

• BAYC

• MAYC

• BAKC

• Meebits

• Moonbirds, Mythics

• 10KTF, G Tags, Stockroom , Gucci Grails, Combat Gear, Crates,Kagami

• Otherside Expanded, Vessels, Maras, Koda, Loot, Ship Parts

• ##HV-MTL

Currently there is no explanation of the specific use of point rewards, but community inferences may be related to token issuance and distribution.

Market reaction is polarized

The community has polarized opinions on this market launch. Many people expect that Magic Eden can use this to accelerate the pace of market expansion, while maximizing market influence with the token issuance plan. ; But on the other hand, some community members do not agree with Yuga Labs’ mandatory collection of royalties.

• Yuga Labs is not considered an artist

Some community members believe that royalties should be given to creators and artists, while Yuga Labs It is more of a corporate group role, and the impact and significance of royalties on the two are not the same. The mandatory royalty market launched this time is more like a profit-seeking behavior.

Some members believe that this will not only fail to increase the project value and NFT price, but will have a negative impact on Yuga Labs, and the advantages will gradually disappear due to royalties.

• Being overtaken by Fat Penguin and reducing its influence

It can be inferred that the plan has been planned by Yuga Labs since last year, but the market has been full of uncertainty recently. Without the atmosphere of Pudgy Penguins overtaking BAYC, this unplanned development has more or less reduced the influence of Yuga Labs.

Whether Yuga Labs can single-handedly promote the market trend and awareness of mandatory NFT tax as expected is full of more challenges. However, the actual development situation still needs to be verified by the market.

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