Magic Eden Debuts Ethereum Marketplace Honoring Creator Royalties in NFT Landscape

Magic Eden has officially launched its Ethereum marketplace in collaboration with Yuga Labs, marking a significant milestone in the evolving NFT landscape. This partnership aims to uphold creator royalties and support the creator economy within the web3 ecosystem.

A New Chapter for NFTs and Creator Royalties

Known for its cross-chain NFT platform, Magic Eden has joined forces with Yuga Labs, the powerhouse behind iconic collections like Bored Ape Yacht Club (BAYC) and CryptoPunks. This collaboration is a step towards ensuring 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

Along with the launch of the Ethereum marketplace, Magic Eden has established The Magic Eden Creator’s Alliance, a coalition dedicated to promoting a sustainable royalty framework across the industry. This initiative aligns with leading projects and companies like RTFKT, Pudgy Penguins, and Azuki, to reinforce the standard of honoring creator-set royalties.

Incentivizing User Engagement and Supporting Innovation

Users of Magic Eden’s Ethereum marketplace will have access to premier mints from influential creators and the opportunity to participate in the platform’s rewards program. Diamonds can be earned for platform activities, with retroactive airdrops available for active users engaging with the new market.

Greg Solano, CEO & Co-Founder of Yuga Labs, emphasized the importance of royalties in supporting creators in the web3 space. “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,” said Solano.

Jack Lu, CEO and co-founder of Magic Eden, expressed gratitude for the community and partner support in bringing the Ethereum marketplace to life. “We’ve always had a goal to expand and build an Ethereum marketplace, and we were able to do it right with amazing creators like Yuga Labs and the support of our Creator’s Alliance,” said Lu.

Commemorative NFT Art Piece to Celebrate the Launch

To celebrate the launch of the Ethereum marketplace, 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 just one 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, showcasing 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 enables users to mint, collect, and trade NFTs in a user-friendly environment. Yuga Labs, a prominent player in the web3 space, is dedicated to building culture on the blockchain through various NFT projects, gaming, and immersive community experiences.