Magic Eden Launches Ethereum Marketplace in Alliance with Yuga Labs

Magic Eden debuts its Ethereum marketplace, partnering with Yuga Labs to support creator rewards 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 rewards, marking a significant step forward in supporting the creator economy in the web3 ecosystem.

A New Chapter for NFTs and Creator Rewards

Magic Eden, known for its cross-chain NFT platform, has teamed up with Yuga Labs, the web3 lifestyle and media giant behind iconic collections like 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 Creators 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 are committed to supporting marketplaces that honor creator-defined rewards, aligning with several leading projects and companies, such as RTFKT, Pudgy Penguins, and Azuki, to reinforce this standard.

Encouraging user engagement and supporting innovation

Magic Eden’s Ethereum Market offers users access to premium mints from influential creators, along with the opportunity to participate in Magic Eden’s flagship rewards program. Users can earn diamonds for activities on the platform, with retroactive airdrops available for those who engage with the new marketplace.

“Royalties are the lifeline that keeps creators building fun, quirky and innovative activations on 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 contract reward enforcement.”

Jack Lu, CEO and co-founder of Magic Eden, expressed gratitude for the support of the community and partners. “We’ve always had a goal to grow and build an Ethereum marketplace, but we wanted to do it right, and we’ve been able to with amazing creators like Yuga Labs, innovators like Limit Break, and community support through our Creator’s Alliance,” said Lu.

Commemorative NFT artwork to mark the launch

To mark the occasion, Magic Eden, Yuga Labs, and the Creator’s Alliance commissioned a unique piece of NFT artwork from Clon of Cool Cats. A total of 1,000 coins will be minted, with half going to active users of the platform in the first month and the rest going to users who have generated the most creator rewards.

The future roadmap of Magic Eden

The Ethereum market is part of Magic Eden’s ambitious innovation plan for 2024. Recent announcements include the launch of a cross-chain wallet, a standalone wallet, and a cross-chain rewards program. The company also contributes core 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 mine, collect and trade NFTs in a user-friendly environment. Yuga Labs, a major player in the web3 space, is dedicated to building blockchain culture through various NFT projects, games and immersive community experiences.

Image source: Shutterstock

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