Magic Eden launches its Ethereum marketplace and partners with Yuga Labs to keep creator royalties high in the evolving NFT landscape.
Magic Eden has announced the launch of its Ethereum marketplace in partnership with Yuga Labs. This platform is the first major Ethereum-based marketplace to honor creator royalties, marking a significant step forward in supporting the creator economy within the web3 ecosystem.
A new chapter for NFTs and creator royalties
Magic Eden, known for its cross-chain NFT platform, has partnered with Yuga Labs, the web3 lifestyle and media giant behind iconic collections such as Bored Ape Yacht Club (BAYC) and CryptoPunks. The partnership aims to ensure a sustainable and thriving web3 environment by recognizing and compensating creators for their contributions to the NFT space.
Solidarity with Creators through the Magic Eden Creator’s Alliance
The launch is accompanied by the creation of The Magic Eden Creator’s Alliance, a coalition committed to advancing a sustainable royalty framework across the industry. Yuga Labs and Magic Eden have committed to supporting marketplaces that honor creator-set royalties, working with several leading projects and companies, such as RTFKT, Pudgy Penguins and Azuki, to strengthen this standard.
Stimulating user involvement and supporting innovation
Magic Eden’s Ethereum marketplace offers users access to premium mints from influential creators, along with the opportunity to participate in Magic Eden’s industry-leading rewards program. Users can earn diamonds for platform activities, with retroactive airdrops available for those who engage in the new market.
“Royalties are the lifeline that keeps creators building fun, weird, and innovative activations in web3,” said Greg Solano, CEO and co-founder of Yuga Labs. “Magic Eden is the first major marketplace to partner with creators to launch a platform we can all be proud of – with custom collector pages, loyalty rewards, and contractual royalty enforcement.”
Jack Lu, CEO and co-founder of Magic Eden, expressed his gratitude for the support from the community and partners. “We always had the goal of expanding and building an Ethereum marketplace, but we wanted to do it right, and we did it with great creators like Yuga Labs, innovators like Limit Break, and community support through our Creator’s Alliance,” Lu said.
Commemorative NFT artwork to celebrate the launch
To mark the occasion, Magic Eden, Yuga Labs and the Creator’s Alliance have commissioned a unique NFT artwork from Clon of Cool Cats. A total of 1,000 units will be minted, half of which will be dropped to active platform users during the first month and the rest will be awarded to users who generate the most creator royalties.
Magic Eden’s future roadmap
The Ethereum marketplace is part of Magic Eden’s ambitious 2024 innovation plan. Recent announcements include the launch of a cross-chain, self-custodial wallet and a cross-chain rewards program. The company is also contributing key protocols to the Non-Fungible DAO, demonstrating its commitment to advancing the web3 domain.
About Magic Eden and Yuga Labs
Magic Eden is the leading cross-chain NFT platform that allows users to mint, collect and trade NFTs in an easy-to-use environment. A major player in the web3 space, Yuga Labs is committed to building culture on the blockchain through various NFT projects, gaming, and immersive community experiences.
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