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Magic Eden, in collaboration with Yuga Labs, launched a new ethereum marketplace today, marking a major milestone as the industry's first major ethereum platform to adhere to creator royalties.
This camaraderie between Magic Eden, a leading cross-chain nft platform, and Yuga Labs, a cutting-edge web3 media and lifestyle company known for Bored Ape Yacht Club (BAYC) and others, aims to promote a thriving web3 ecosystem by valuing contributions of the creators.
The initiative also sees the introduction of The Magic Eden Creator's Alliance, a movement designed to support a sustainable royalty framework across the industry, ensuring creators are fairly compensated. This alliance is supported by numerous projects and companies, including RTFKT and Pudgy Penguins, who are committed to supporting markets that respect creators' royalties.
Magic Eden's ethereum marketplace offers access to great mints from top creators, along with 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 in this new marketplace.
Greg Solano, CEO and co-founder of Yuga Labs, highlighted the importance of royalties for creators, describing them as the “lifeline” to encourage “innovative” activations within web3. Meanwhile, Jack Lu, CEO and co-founder of Magic Eden, highlighted the essential role of collaboration with creators and the community in building a marketplace that not only respects creator royalties but also promotes the growth of the industry.
To mark the launch of the ethereum marketplace, Magic Eden, Yuga Labs and other members of the Creator's Alliance have also unveiled a special nft artwork. This piece, made by Clon de Cool Cats, symbolizes collaboration and innovation within the web3 space. A total of 1,000 of these commemorative NFTs will be distributed. Half will be sent randomly to users who have interacted with the platform during the first month. The remaining 500 will be used to reward users whose transactions have contributed the most to creator royalties.
This launch is part of Magic Eden's extensive innovation agenda for 2024, 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 dedication to ensuring creators receive the royalties they are entitled to.
Amid Magic Eden's new ethereum marketplace launch, the platform's bitcoin nft marketplace has also reached unprecedented levels of success. Over the past month, it recorded over $100 million in trading volume along with a record $2 million in transaction fees. This achievement represents a notable increase in activity since September of the previous year, reflecting sustained interest from both the cryptocurrency community and institutional investors.
This increase coincides with a notable increase in the market value of bitcoin, which has risen more than 125% since last September, now surpassing $59,000 for the first time since December 2021.
