Yuga Labs and Magic Eden have recently announced a collaboration to develop a new and innovative solution to the problems of digital asset ownership, including the difficulties and complexities that come with collecting royalties for non-fungible token (NFT) creators.
The platform, called the “Bored Apes Creator Exchange”, will allow users to create NFTs and sell them to buyers, while also assigning appropriate rights and royalties for the asset.
Creators will be able to assign each token with its own set of rules governing royalties, allowing for more creative freedom in building value with their content. The platform will also provide automated royalty collection and allocation for owners of the NFTs. This eliminates manual processes, such as contracts and paperwork, thus increasing efficiency and reducing costs.
Both Yuga Labs and Magic Eden are working together to develop the platform. Magic Eden is the company responsible for the popular NFT game Bored Apes, while Yuga Labs has been developing innovative approaches in the data analysis field for some time now.
Through this collaboration, the two companies are looking to solve the NFT royalty challenge, and to help create more opportunities for creators and artists to monetize their digital assets. The platform is expected to launch soon, with immediate benefits for the NFT industry.