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Magic Eden and Yuga Labs Collaborate to Protect Creator Royalties on NFT Marketplaces

Introduction

The dynamic world of blockchain and non-fungible tokens (NFTs) has witnessed significant growth and innovation in recent years. With the rising popularity of NFTs, there has been a growing concern regarding the protection of creator royalties and ensuring their fair treatment. In a bid to address these concerns, Magic Eden, a multi-chain NFT marketplace, has teamed up with Yuga Labs to launch an Ethereum platform that enforces royalties and protects the rights of creators.

Enforcing Creator Royalties through Smart Contracts

Magic Eden’s collaboration with Yuga Labs is a part of the larger efforts of OMA3, a consortium of blockchain and NFT companies, to standardize and protect creator royalties on NFT marketplaces. The new Ethereum platform will use innovative smart contracts to enforce royalties during secondary market sales of NFT collections. This contractual obligation ensures that Yuga Labs, as the creator, receives its rightful share of the sales.

Standardizing the ERC-721 Ethereum Non-Fungible Token Standard

Magic Eden’s platform will utilize the widely adopted ERC-721 Ethereum non-fungible token standard. By adopting this standard, the marketplace aims to eliminate the loopholes and workarounds that have allowed some marketplaces to bypass or reduce creator fees. Magic Eden’s goal is to stand on the right side of history by supporting creators and ensuring their fair treatment and protection of royalties.

The Importance of Collaboration and Redirection

Magic Eden’s approach to protecting creator royalties involves collaborating with the right partners and directing traffic to platforms that enforce these royalties. Rather than penalizing NFT holders who purchase from non-compliant platforms, the marketplace aims to educate users and create a community that prioritizes the ethical treatment of creators.

Sam Bankman-Fried’s Conviction and Its Implications for the Crypto Industry

In other industry news, the conviction of Sam Bankman-Fried, founder of FTX, on seven counts of fraud has raised questions about the future of the crypto industry. While some believe that this verdict may tarnish the reputation of digital assets, others see it as a moment of closure and proof that the industry can hold bad actors accountable.

Experts in the crypto field have expressed relief at the verdict, emphasizing the importance of accountability and hoping for a focus on the victims of fraud. This conviction is seen as a victory in the fight against fraud and scams in the crypto space, with potential implications for future prosecutions.

A New Beginning for the Crypto Industry

The collaboration between Magic Eden and Yuga Labs highlights the industry’s commitment to protecting creator royalties and ensuring fair treatment. By utilizing smart contracts and collaborating with the right partners, Magic Eden aims to lead the way in standardizing and enforcing royalty payments on NFT marketplaces.

Meanwhile, Sam Bankman-Fried’s conviction serves as a reminder that fraud is not indicative of the entire crypto industry. As the industry continues to innovate and expose the wrongdoing of bad actors, this verdict offers an opportunity for a reset and a chance for regulators and the crypto industry to find common ground.

Overall, these developments mark a new beginning for the industry, signaling that the protection of creator rights and the fight against fraud are integral to its growth and long-term success.

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