Magic Eden Launches Ethereum Marketplace with Yuga Labs

In a groundbreaking move within the NFT space, Magic Eden‘s highly anticipated marketplace officially went live on the Ethereum blockchain, marking a significant stride for creators’ rights in the Web3 domain. Developed in collaboration with Yuga Labs, this platform emphasizes ethical practices, independence for artists, and a firm stance against marketplaces lacking in royalty commitments, as highlighted in recent announcements.

Better waters.

Ethereum marketplace now live. pic.twitter.com/geWXOTdmAN

— Magic Eden 🪄 (@MagicEden) February 27, 2024

To celebrate its introduction, Magic Eden is offering a temporary reduction in royalty rates. For the initial 69 days, newly enforced collection rates will experience a 2.5% royalty adjustment, while pre-existing legacy collections will see a 1% adjustment.

Magic Eden Ethereum Marketplace: Royalty Protection Measures and Creator’s Alliance

Magic Eden, in partnership with the Yuga team, has worked diligently to reshape the relationship between NFT creators and enthusiasts. This collaboration has resulted in custom pages for collectors, loyalty reward schemes, and, most importantly, stringent royalty protection measures aimed at securing consistent income streams for creative talents.

In a bold move, Magic Eden has withdrawn support from platforms not enforcing universal royalty payments, signaling a commitment to ensuring creators receive their due compensation. The emphasis on supporting only platforms upholding royalty payments aims to benefit the entire NFT ecosystem, allowing creators to focus on innovation without concerns about monetization.

The platform’s Mint-to-Earn (M2E) program, set to launch shortly, offers a 50% Diamond Bonus on Yuga Labs collections. Users can also earn Diamonds by minting specific Ethereum projects, introducing innovative ways for creators and collectors to engage with digital assets.

50% Diamond Bonus on @yugalabs collections.

Tomorrow. pic.twitter.com/sjXlUNM9Sa

— Magic Eden 🪄 (@MagicEden) February 26, 2024

Magic Eden’s M2E Initiative and Collaborations

Magic Eden’s M2E program is poised to revolutionize how creators and collectors interact with digital assets, starting with its inaugural ‘Season 1’ in late February. Participants in Season 1 include renowned names such as Planet Mojo, OSF, ThankYouX, CryptoNinja, and others. The initiative aims to accumulate Diamonds and distribute them to users who mint selected projects via the marketplace’s Launchpad, rewarding participation and support.

Looking ahead, Season 2 is expected to transition to the Solana blockchain, showcasing Magic Eden’s commitment to exploring new opportunities and expanding its ecosystem across diverse blockchain environments.

The collaboration between Yuga Labs and Magic Eden comes at a crucial time, as Yuga Labs announces a shift in its support, only endorsing marketplaces that honor creator royalties. This move reflects a growing trend in the industry, setting a new standard for fair and sustainable practices.

As Magic Eden Ethereum Marketplace takes its place in the evolving NFT landscape, it signifies a momentous step towards creator rights, fair compensation, and strategic collaborations. The platform’s commitment to rewarding users with Diamonds and fostering a supportive community positions it as a key player in the vibrant Web3 ecosystem.

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