Yuga Labs, the company responsible for the creation of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFT), has teamed up with Magic Eden, an NFT marketplace based on Solana, to launch a new Ethereum-based marketplace before the year ends.
- According to Yuga Labs, Magic Eden Ethereum will be the first major Ethereum-based NFT marketplace that is contractually obligated to pay creator royalties. Jack Lu, the co-founder and CEO of Magic Eden, stated that they are committed to supporting creators who are the backbone of the industry.
- The current NFT bear market has caused a drop in the Forkast 500 NFT index by over 54% year-to-date, with blue-chip collections such as BAYC experiencing a 59% reduction in their floor price during the same period.
- Meanwhile, OpenSea, the world’s largest NFT marketplace by volume, has announced a reduction in its headcount and cut creator royalties on its platform in August, leading several artists to search for alternative platforms.