Magic Eden and Yuga Labs Unite to Revolutionize Ethereum NFT Marketplace with a Focus on Creator Royalties

SAN FRANCISCO – 29/02/2024 – (EMWNews) – Today marks a groundbreaking moment in the evolution of the Web3 ecosystem, as Magic Eden, the premier cross-chain NFT platform, unveils its Ethereum marketplace in a strategic collaboration with Yuga Labs, the trailblazing Web3 lifestyle and media conglomerate. This partnership not only signifies a leap forward in NFT marketplace innovation but also sets a new standard for creator compensation and recognition across the digital asset space. The newly launched Ethereum platform by Magic Eden is distinguished as the industry’s inaugural major platform dedicated to upholding creator royalties, thereby fostering a nurturing environment for creators who are the backbone of the vibrant and diverse NFT landscape.

A New Era for NFT Creators and Collectors

Magic Eden’s foray into the Ethereum ecosystem, in partnership with Yuga Labs — the powerhouse behind iconic projects such as Bored Ape Yacht Club, Otherside, and CryptoPunks — heralds a significant shift towards a more equitable and creator-centric market. The collaboration is rooted in a shared vision to cultivate a thriving Web3 ecosystem by ensuring creators are rightfully acknowledged and compensated for their contributions to the NFT world.

Magic Eden and Yuga Labs: Pioneering a Sustainable Future

The launch of the Ethereum marketplace is complemented by the establishment of The Magic Eden Creator’s Alliance, a testament to Magic Eden’s commitment to solidarity with creators. This initiative advocates for a sustainable royalty framework across the industry, guaranteeing that creators receive fair compensation for their work. Both Yuga Labs and Magic Eden have pledged exclusive support to marketplaces that adhere to this creator-first approach, setting a new industry standard for how creators are treated and compensated.

The alliance has already attracted a multitude of participants from across the industry, including notable entities like RTFKT, Pudgy Penguins, and Azuki, all united under the banner of fair compensation for creators. This collective movement underscores a significant paradigm shift towards more sustainable and equitable practices within the NFT market.

Incentivizing Participation and Innovation

Magic Eden’s Ethereum marketplace not only provides access to premier mints from leading creators but also introduces an innovative rewards program designed to benefit users of the platform. Participants receive Diamonds, a form of platform currency, for engaging with the marketplace, including activities such as delisting and relisting NFTs. This rewards system is a reflection of Magic Eden’s commitment to not only creators but also the collectors and community members who fuel the ecosystem’s vibrancy and growth.

Greg Solano, CEO & Co-Founder of Yuga Labs, emphasizes the importance of royalties as the lifeline for creators, enabling them to continue producing unique and innovative content within the Web3 space. Magic Eden’s platform, with features like custom pages for collectors, loyalty rewards, and contractual royalty enforcement, is a collaborative effort with creators to build a marketplace that aligns with the community’s values and aspirations.

Jack Lu, CEO and co-founder of Magic Eden, expressed gratitude for the partnership with Yuga Labs and other creators, highlighting the collective commitment to the future of Web3. This includes a shared dedication to respecting creator royalties and fostering growth within the industry. The collaboration signifies a collective stride towards a more inclusive and creator-supportive NFT marketplace.

A Commemorative Collaboration

To celebrate the launch, Magic Eden, Yuga Labs, and other members of the Creator’s Alliance have come together to create a special NFT art piece, designed by Clon of Cool Cats. This collaborative artwork, limited to 1,000 mints, will be distributed through a combination of random airdrops to active platform users and rewards to those whose transactions contribute most significantly to creator royalties. This initiative is a symbolic representation of the alliance’s commitment to supporting and celebrating the creative community.

Looking Ahead: Magic Eden’s Innovation Pipeline

The introduction of the Ethereum marketplace and The Creator’s Alliance is merely the beginning of Magic Eden’s ambitious agenda for 2024. The company has announced several initiatives, including the launch of a cross-chain, self-custody wallet, a cross-chain rewards program, and contributions to the Non-Fungible DAO. These developments are indicative of Magic Eden’s broader strategy to drive innovation and inclusivity within the NFT space.

About Magic Eden

Magic Eden stands at the forefront of the cross-chain NFT marketplace, dedicated to offering a user-friendly platform for minting, collecting, and engaging with NFTs. The platform is a conduit for dynamic cultural expressions, empowering thousands of digital communities to create, discover, and collect unique digital assets. For more information, visit magiceden.io.

About Yuga Labs

Yuga Labs is a leading force in the Web3 lifestyle and media sector, known for its innovative brand IP/NFT projects, gaming ventures, and community-driven experiences. With a philosophy anchored in limitless imagination, Yuga Labs is committed to redefining the NFT landscape and fostering a culture of creativity on the blockchain. The company boasts ownership of some of the most influential projects in Web3, including Bored Ape Yacht Club and CryptoPunks. For more information, visit their official site.

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