Magic Eden partners with Yuga Labs to launch Ethereum Marketplace

Magic Eden announced that it is partnering with Yuga Labs to launch an Ethereum marketplace. The platform is the first major Ethereum-based marketplace to respect 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 teamed up with Yuga Labs, the web3 lifestyle and media giant behind iconic collections such as Bored Ape Yacht Club (BAYC) and CryptoPunks. This collaboration aims to ensure a sustainable and thriving web3 environment by recognizing and rewarding contributions to the NFT space.

Solidarity with creators through the Magic Eden Creators Association

This launch marks the formation of The Magic Eden Creator’s Alliance, a coalition dedicated to promoting sustainable loyalty frameworks across the industry. Yuga Labs and Magic Eden are committed to supporting a marketplace that respects the royalties set by creators by collaborating with several leading projects and companies such as RTFKT, Pudgy Penguins, and Azuki to strengthen this standard.

Encourage user participation and support innovation

Magic Eden’s Ethereum marketplace provides users with access to the best mints from influential creators along with the opportunity to participate in Magic Eden’s leading rewards program. Users can earn diamonds through platform activity, and retroactive airdrops will be offered to those who join new markets.

“Royalties are the lifeblood that allows creators to build fun, weird, 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 pages for collectors, loyalty rewards, and contractual royalties enforcement.”

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

NFT commemorative art piece commemorating the release

To commemorate the occasion, Magic Eden, Yuga Labs, and Creator’s Alliance have commissioned a unique NFT artwork from the Clon of Cool Cats. A total of 1,000 works will be issued, half of which will be airdropped to active platform users during the first month and the remainder will be awarded to users who generate the most royalties for their creators.

Magic Eden’s Future Roadmap

The Ethereum Marketplace is part of Magic Eden’s ambitious transformation plan for 2024. Recent announcements include the launch of a cross-chain, self-custodial wallet, and cross-chain rewards program. Additionally, the company is demonstrating its commitment to driving the development of the web3 domain by providing key protocols to the Non-Fungible DAO.

Introducing Magic Eden and Yuga Labs

Magic Eden is a leading cross-chain NFT platform that allows users to mint, collect, and trade NFTs in a user-friendly environment. As a major player in the web3 space, Yuga Labs is committed to building blockchain culture through a variety of NFT projects, games, and immersive community experiences.

Image source: Shutterstock