Bored Ape NFT creation team Yuga Labs announced today that the multi-chain NFT marketplace Magic Eden will launch an Ethereum market on Tuesday (27th). At the same time, Yuga Labs announced that it will stop supporting market platforms that do not support royalties for all creators.
Yuga Labs on the X platform stated that they have released a collection list, and the listed collections will only be traded in markets that protect royalty payments in the future. This includes several series related to the metaverse platform Otherside, 10KTF series, and the recently acquired Moonbirds NFT series by Yuga Labs.
Currently, this decision may not have a significant economic impact as it does not involve their two largest trading volume NFT series. “The Block Research” analyst Steven Zheng stated that there are NFT markets with contractual obligations to enforce royalties.
This move occurred more than a year after the NFT market Blur successfully captured the majority of NFT trading volume. Their success was largely due to the market offering generous incentives and introducing a structure that significantly reduces royalties. OpenSea, which had been in a leading position, later 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 decline in Yuga Labs’ revenue last year. In November last year, Magic Eden announced its 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 that the latest PFP (Profile Picture) NFT series, The Grailed, created by the 10KTF team, will be premiered on the Magic Eden marketplace.
During an interview with “nft now,” Louise Conroy, Vice President of Communications at Yuga Labs, revealed that their latest PFP NFT series, The Grailed, will be showcased for the first time on the Magic Eden marketplace, created by the 10KTF team.
