In the ever-evolving realm of NFTs, today marks a pivotal moment as the highly anticipated Magic Eden marketplace finally goes live and comes to life on the Ethereum blockchain.
In partnership with Yuga Labs, this platform marks a critical advancement in advocating for creators’ rights within the Web3 domain. It emphasizes ethical practices, strengthens artists’ independence and excludes marketplaces that fail to meet royalty obligations, as recently announced on X.
To celebrate the launch, Magic Eden has announced a temporary reduction in royalty rates. During the first 69 days, royalties will be adjusted downwards to 2.5% for newly imposed collection rates and 1% for existing old collections.
Additionally, the marketplace will soon launch a Mint-to-Earn (M2E) program with a 50% diamond bonus on Yuga Labs collections. Users can also get their hands on diamonds when creating other specific Ethereum projects.
Source: X (Magical Eden)Royalty Protection Measures
Magic Eden has been working fervently with the Yuga team to redefine the dynamic between NFT creators and enthusiasts. Their combined efforts have resulted in tailor-made pages for collectors, programs to reward loyalty and, most importantly, strict royalty protection measures that aim to secure regular income streams for creative talents.
Ahead of this new market launch, it was announced that support will be withdrawn from platforms that do not enforce universal royalty payments, highlighting the initiative to ensure creators receive appropriate compensation.
The stance of only supporting platforms that enable royalty payments is intended to benefit the entire NFT ecosystem, allowing creators to focus on innovation without worrying about monetization.
Y00ts recently declared his participation in this trend, committing to the platform with a strategy that ensures that all royalties are funneled back into acquiring his virtual collectibles.
Source: X (Magical Eden)Magic Eden’s M2E initiative
Additionally, Magic Eden’s M2E program will revolutionize the way creators and collectors interact with digital assets, starting with the first Season 1 in late February. During this initiative, diamonds will be collected and later distributed to those who launch selected projects through the marketplace’s Launchpad, rewarding users for their participation and support.
Season 1 already boasts an impressive lineup of participants and includes: Planet Mojo, OSF, ThankYouX, CryptoNinja, SK8PES, Okay Dogs, RENGA, Chimpers, Traf, Quirkies, Ironbelly Studios, and SanFran Tokyo.
As this esteemed initiative unfolds, Magic Eden sees Season 2’s shift to the Solana blockchain, signaling a commitment to explore new opportunities and expand its ecosystem across diverse blockchain environments, promising broader horizons for users and partners.
Nevertheless, today marks a major milestone in NFTs as the Magic Eden Ethereum marketplace officially debuts, advocating for creator rights, fair compensation, and strategic partnerships – all while rewarding users with treasured diamonds and more.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational materials only. Individuals are required to fully research any product before making any form of investment.