Magic Eden's Ethereum Marketplace with Yuga Labs Now Live

SAN FRANCISCO, Feb. 27, 2024 /PRNewswire/ -- Magic Eden's new Ethereum marketplace, created in collaboration with Yuga Labs is live today, introducing the industry's first major Ethereum platform to honor creator royalties. Magic Eden, the leading cross-chain NFT platform, and Yuga Labs, the leading web3 lifestyle and media company and home of Bored Ape Yacht Club (BAYC), Otherside, CryptoPunks, Meebits, Twelvefold, 10KTF and PROOF,  joined together with one simple mission: to ensure a thriving web3 ecosystem by recognizing and rewarding the vital role creators play in shaping the future of NFTs.

In addition to its new Ethereum marketplace, Magic Eden has also established The Magic Eden Creator's Alliance to show solidarity with platform creators. The Creator's Alliance is an initiative that promotes a sustainable royalty framework, ensuring fair compensation for creators industry-wide. Yuga and Magic Eden will exclusively support marketplaces that honor creator royalties, leaving non-compliant ones behind. Dozens of projects and companies from around the industry have joined the alliance, including Yuga Labs, RTFKT, Pudgy Penguins, Azuki and more.

Magic Eden's Ethereum marketplace gives users access to all the prominent mints from top creators and gives users the ability to receive incentives through Magic Eden's industry-leading rewards program. Users of the platform receive Diamonds for platform activity, including retroactive diamond airdrops for delisting and relisting NFTs on the new marketplace.

"Royalties are the lifeline that keep creators building fun, weird, and innovative activations in web3," said Greg Solano, CEO & Co-Founder of Yuga Labs. "Magic Eden is the first major marketplace that partnered with creators to launch a platform that we can all be proud of - with custom pages for collectors, loyalty rewards, and contractual royalty enforcement."

"We've always had a goal to expand and build an Ethereum marketplace but we wanted to do it right, and we were able to with amazing creators like Yuga Labs, innovators like Limit Break and the community support through our Creator's Alliance," said Magic Eden CEO and co-founder, Jack Lu. "We're thankful for the collaboration with our partners as they share a strong commitment towards the future of web3, which includes respecting creator royalties and incentivizing growth within the industry."

To further celebrate the launch of the Ethereum marketplace – Magic Eden, Yuga Labs, and other members of the Creator's Alliance have collaborated to create a commemorative NFT art piece designed by Clon of Cool Cats. The collaborative piece will have 1,000 minted: 500 NFTs will be randomly airdropped to those who have used the platform during the first month; the remaining 500 will be awarded to those whose transactions generated the most royalties for creators on Magic Eden. 

The rollout of the Ethereum marketplace and The Creator's Alliance is just the next step in Magic Eden's robust 2024 innovation pipeline, with the company announcing the launch of its cross-chain, self-custody wallet, cross-chain rewards program, and open-sourcing and contributing major protocols to Non-Fungible DAO, all in the last month.

About Magic Eden 
Magic Eden is the leading cross-chain NFT platform, building a user-friendly platform for minting and collecting NFTs. Magic Eden brings dynamic cultural moments onto the blockchain, empowering users across thousands of digital communities to create, discover and collect unique NFTs. For more information, please visit magiceden.io.

About Yuga Labs
Yuga Labs is the leading web3 lifestyle and media company offering creative brand IP/NFT projects, gaming, and community experiences. Guided by the belief that the potential of web3 can be realized when we start with imagination, not limitations, Yuga's initiatives aim to reinvent what NFTs look like and push the space forward as a whole. Yuga Labs' mission is to build culture on the blockchain, and owns the IP to the most significant projects in web3, including Bored Ape Yacht Club, MAYC, CryptoPunks, 10KTF, Meebits and PROOF.

Since their launch in April 2021 with flagship collection Bored Ape Yacht Club, they've made headlines as one of the first companies to release IP licenses to their NFT holders, acquired and released rights to other top collections (CryptoPunks and Meebits), and made web3 history with record-breaking synchronized player participation in Otherside. One of the most ambitious interactive metaverse projects to date, Otherside is built with the community, rebelling against traditional walled gardens in gaming spaces.

SOURCE Magic Eden