Yuga Labs and Magic Eden have teamed up to offer an innovative solution to an ongoing problem in the NFT space; the inability for NFT creators to receive royalties for their work. The two companies have developed a suite of tools to monitor the use of the creator’s artwork and facilitate accurate royalty payments.
The suite of tools was developed by Yuga Labs, a blockchain platform that specializes in NFTs, and Magic Eden, which is a cloud-based payment platform. They have integrated their technologies together to create a secure royalty settlement system. The system will track each use of the NFT, calculate the creator’s license fees, and distribute funds accordingly.
The collaboration between Yuga Labs and Magic Eden promises to be a major benefit to NFT creators, and will bring much-needed transparency and fairness to the space. The tools will also be available for free to creators and users alike, allowing them to monitor their artwork and ensure they are receiving accurate compensation for their work. This is an important step forward for the industry and will hopefully help to foster a healthier and more profitable market for NFT creators.
