Magic Eden debuts its Ethereum marketplace, collaborating with Yuga Labs to uphold creator royalties 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, signifying a significant step forward in supporting the creator economy within the web3 ecosystem.
A New Chapter for NFTs and Creator Royalties
Magic Eden, renowned for its cross-chain NFT platform, has teamed up with Yuga Labs, the web3 lifestyle and media behemoth behind iconic collections such as Bored Ape Yacht Club (BAYC) and CryptoPunks. The collaboration 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 formation of The Magic Eden Creator’s Alliance, a coalition dedicated to promoting a sustainable royalty framework across the industry. Yuga Labs and Magic Eden have committed to supporting marketplaces that honor creator-set royalties, aligning with several leading projects and companies, like RTFKT, Pudgy Penguins, and Azuki, to reinforce this standard.
Incentivizing User Engagement and Supporting Innovation
Magic Eden’s Ethereum marketplace offers users access to premier mints from influential creators, along with the opportunity to participate in Magic Eden’s leading rewards program. Users can earn Diamonds for platform activities, with retroactive airdrops available for those engaging with the new market.
“Royalties are the lifeline that keep creators building fun, weird, and innovative activations in web3,” said Greg Solano, CEO & Co-Founder of Yuga Labs. “Magic Eden is the first major marketplace that partnered with creators to launch a platform that we can all be proud of – with custom pages for collectors, loyalty rewards, and contractual royalty enforcement.”
Jack Lu, CEO and co-founder of Magic Eden, expressed gratitude for the community and partner support. “We’ve always had a goal to expand and build an Ethereum marketplace but we wanted to do it right, and we were able to with amazing creators like Yuga Labs, innovators like Limit Break and the community support through our Creator’s Alliance,” said Lu.
Commemorative NFT Art Piece to Celebrate the Launch
To mark the occasion, Magic Eden, Yuga Labs, and the Creator’s Alliance have commissioned a unique NFT artwork by Clon of Cool Cats. A total of 1,000 pieces will be minted, with half being airdropped to active platform users during the first month and the rest awarded to users who generated the most royalties for creators.
Magic Eden’s Future Roadmap
The Ethereum marketplace is part of Magic Eden’s ambitious innovation plan for 2024. Recent announcements include the launch of a cross-chain, self-custody wallet, and a cross-chain rewards program. The company is also contributing major protocols to the Non-Fungible DAO, demonstrating its commitment to driving progress in 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 a user-friendly environment. Yuga Labs, a major player in the web3 space, is dedicated to building culture on the blockchain through various NFT projects, gaming, and immersive community experiences.
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