According to the announcement, the Magic Eden ETH market by Yuga Labs and Magic Eden will become the first Ethereum NFT market to protect creators’ copyrights and create a fair and beneficial ecosystem for imaginative content contributors.
These efforts by Yuga Labs and Magic Eden come at a time when the NFT space is grappling with issues related to creators’ copyrights, especially as major NFT marketplaces have been reducing or eliminating fees.
However, both Yuga Labs and Magic Eden emphasize the importance of respecting creators and state clearly in a press release that “creators’ copyrights are non-negotiable.”
Creators from Bored Ape Yacht Club (BAYC) have stated that they will collaborate exclusively with marketplaces that seek to protect creators. They view this partnership with Magic Eden as a win for the entire ecosystem.
Daniel Alegre, CEO of Yuga Labs, believes that creators are the key to Web3, and without them, the ecosystem would not thrive. Jack Lu, CEO and co-founder of Magic Eden, shares the same perspective and emphasizes the need to provide creators with the support they deserve through copyright programs.
Copyright fees are a percentage of the sale price that the original NFT creator receives each time the NFT is sold or transferred to a new owner. Copyright fees enable creators to continue earning from their digital assets, provide a consistent source of income, and encourage artists and content creators to participate in the NFT space.