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Yuga Labs and Magic Eden are joining forces to tackle a vexing challenge that faces the NFT market — the lack of standardization and trust between creators and their consumers when it comes to licensing and royalties. The two are developing a platform that will provide improved transparency and trust between creators and consumers.
The platform will enable artists to easily license and track their original NFTs, and monetize them securely. Consumers will have increased confidence as they’ll understand the protocols, the rules, and the transparency of the process, and know that their payments will be properly distributed.
The collaboration aims to simplify the process of onboarding artists and having them easily engage and collaborate with other content creators; as well as securing royalty payments for all parties. This will ensure that users will be able to trust that their purchases are genuine, verified, and of the highest quality.