Yuga Labs Backs Royalty-Enforcing NFT Platforms
Yuga Labs, the creator behind leading NFT collections such as Bored Ape Yacht Club and Mutant Ape Yacht Club, announced that it will exclusively back marketplaces that mandate royalty payments for creators on all listed collections. This move, aimed at securing ongoing income for artists through sales, addresses the NFT community’s issues regarding creator rights and equitable compensation amidst soaring NFT trading volumes.
Yuga’s stance coincides with the launch of Magic Eden’s new Ethereum-based NFT marketplace, which Yuga Labs will support. A key goal of Magic Eden’s expansion is guaranteeing creator royalties, aligning it with Yuga’s new standards. This marks a watershed moment as top NFT creators start demanding better treatment of artists.
The move comes against the backdrop of controversy regarding some marketplaces beginning to make royalty payouts optional. By taking an uncompromising position on royalties, Yuga Labs is sending a powerful message that could persuade other major platforms to reassess their policies and make the ecosystem more sustainable for creators.
Yuga wields tremendous influence through mega-popular collections like Bored Apes. Its stand establishes royalty enforcement as a best practice for the industry. This pressures competing marketplaces to follow suit or risk losing traction. Yuga’s hard stance on royalties may thus spur a shift toward greater creator compensation that transforms the future NFT landscape.
Rather than solely backing its established marquee collections, Yuga aims to promote fair treatment, especially of artists behind newer, smaller-scale NFT projects. This aligns with its broader efforts to expand the Bored Ape universe and foster a more supportive community.
By putting its weight behind royalty mandates, Yuga Labs is paving the way toward restructuring NFT trading norms to be substantially more creator-centric. Its advocacy for artists’ rights can potentially uplift digital creators across the ecosystem. This represents a major win for the growing movement advocating fairer compensation practices.
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