Yuga Labs and Magic Eden, both providers of digital asset technology, have recently announced a new collaboration aimed at solving an issue that has long been plagued the NFT industry: royalties. NFT (Non-Fungible Token) creators often struggle to get a fair compensation for the digital art they produce. The collaboration between the two companies seeks to address this issue and propel the NFT industry’s growth by fostering a more equitable distribution of royalties.
Yuga Labs works with digital art creators to create and distribute digital art assets through blockchain technology. Magic Eden is an NFT monetization platform that enables creators to receive royalties from their artwork. Through the collaboration, holders of Yuga digital artwork will be able to receive royalties for their work through Magic Eden. The platform will enable creators to receive royalties when their artwork is sold, rented, or used for promotional purposes. Royalties will also be awarded to holders of the artwork based on its performance. Holders will be able to track the performance of their artwork and receive their royalty payments through Magic Eden.
The collaboration between Yuga Labs and Magic Eden brings a much needed solution to the NFT industry and provides creators the opportunity to receive their fair share of royalties. This move also provides a much-needed boost to the industry and may help propel it to reach the mainstream markets.