In the ever-evolving realm of NFTs, today marks a pivotal moment as the long-awaited Magic Eden marketplace finally goes live, coming to life on the ethereum blockchain.
In partnership with Yuga Labs, this platform marks a fundamental advance in defending creators' rights within the Web3 domain. Emphasizes ethical practices, reinforces artist independence, and excludes markets that do not meet royalty commitments, as recently announced in X.
To celebrate its introduction, Magic Eden has announced a temporary reduction in royalty rates. For the first 69 days, royalties will be adjusted downward to 2.5% for newly applied collection rates and 1% for pre-existing legacy collections.
What's more, the exchange will soon launch a Mint-to-Earn (M2E) program with a 50% diamond bonus on Yuga Labs collections. Users will also be able to earn diamonds by minting other ethereum-specific projects.
Royalty protection measures
Magic Eden has been working feverishly with the Yuga team to redefine the dynamic between nft creators and enthusiasts. His concerted efforts have led to personalized pages for collectors, schemes to reward loyalty and, most importantly, strict royalty protection measures that aim to ensure regular income streams for creative talents.
Before the launch of this new market, it was announced that support will be withdrawn for platforms that do not apply universal royalty payments, highlighting their initiative to ensure that creators receive due compensation.
The stance of only supporting platforms that respect royalty payments is intended to benefit the entire nft ecosystem, allowing creators to focus on innovation without worrying about monetization.
years00ts recently declared their participation in this trend, committing to the platform with a strategy that guarantees that all royalties are channeled back into the acquisition of their virtual collectibles.
Magic Eden M2E Initiative
Additionally, Magic Eden's M2E program will revolutionize the way creators and collectors interact with digital assets, beginning with its inaugural 'Season 1' in late February. Throughout this initiative, diamonds will be accumulated and then distributed to those creating selected projects through the marketplace Launchpad, rewarding users for their participation and support.
Already boasting an impressive roster of contestants, Season 1 includes: Planet Mojo, OSF, ThankYouX, CryptoNinja, SK8PES, Okay Dogs, RENGA, Chimpers, traf, Quirkies, Ironbelly Studios, and SanFran Tokyo, among others.
As this cherished initiative develops, Magic Eden anticipates Season 2's shift to the Solana blockchain, signaling a commitment to explore new opportunities and expand its ecosystem across diverse blockchain environments, promising further horizons. spacious for users and partners.
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*All financial/investment opinions expressed by nft Plazas come from the personal research and experience of our site moderators and are intended to be educational material only. People should thoroughly research any product before making any type of investment.
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