Amidst surging Bitcoin NFT transactions, Magic Eden unveils Ethereum platform centered on creators
Today, Magic Eden and Yuga Labs have joined forces to launch a groundbreaking Ethereum marketplace. This collaboration is a significant milestone in the industry as it is the first major Ethereum platform that prioritizes creator royalties.
Magic Eden, a leading cross-chain NFT platform, has partnered with Yuga Labs, a prominent web3 lifestyle and media company known for Bored Ape Yacht Club (BAYC) and other projects. Together, they aim to foster a thriving web3 ecosystem by recognizing and valuing the contributions of creators.
As part of this initiative, The Magic Eden Creator’s Alliance has been established. This movement is designed to promote a sustainable royalty framework across the industry, ensuring that creators receive fair compensation for their work. The alliance has garnered support from various projects and companies, including RTFKT and Pudgy Penguins, who are committed to endorsing marketplaces that respect creator royalties.
Magic Eden’s Ethereum marketplace provides access to premier mints from top creators and offers incentives through an industry-leading rewards program. Users of the platform are rewarded with Diamonds for their activity, which includes benefits for delisting and relisting NFTs on this new marketplace.
Greg Solano, CEO & Co-Founder of Yuga Labs, emphasizes the significance of royalties for creators, describing them as the “lifeline” for fostering innovative activations within web3. Jack Lu, CEO and co-founder of Magic Eden, highlights the essential role of collaboration with creators and the community in building a marketplace that not only honors creator royalties but also promotes the growth of the industry.
To celebrate the launch of the Ethereum marketplace, Magic Eden, Yuga Labs, and other members of the Creator’s Alliance have unveiled a special NFT art piece. This artwork, created by Clon of Cool Cats, symbolizes the collaboration and innovation within the web3 space. A total of 1,000 commemorative NFTs will be distributed, with half randomly airdropped to users who engage with the platform during its first month. The remaining 500 will be given as rewards to users whose transactions have contributed the most to creator royalties.
This launch is part of Magic Eden’s ambitious 2024 innovation agenda, which includes the introduction of a cross-chain, self-custody wallet, a cross-chain rewards program, and contributions to Non-Fungible DAO. The Ethereum marketplace was initially announced in November 2023, with both Magic Eden and Yuga Labs expressing their commitment to ensuring creators receive their rightful royalties.
In addition to the new Ethereum marketplace, Magic Eden’s Bitcoin NFT market has experienced unprecedented success. In the past month alone, it has recorded over $100 million in trading volume and a record $2 million in transaction fees. This surge in activity is a testament to the sustained interest from both the cryptocurrency community and institutional investors. It also aligns with Bitcoin’s significant increase in market value, which has risen over 125% since September of the previous year, surpassing $59,000 for the first time since December 2021.
