TL;DR
- Magic Eden expands to Ethereum in collaboration with Yuga Labs, known for projects like Bored Ape Yacht Club (BAYC).
- The new NFT marketplace on Ethereum aims to offer a diverse web3 ecosystem, with the participation of partners like Limit Break.
- A rewards program is introduced for creators and collectors, providing the opportunity to earn “Diamonds” and receive airdrops for platform engagement.
Magic Eden, a leading decentralized finance (DeFi) platform within the Solana ecosystem, has announced its foray into the non-fungible token (NFT) market on the Ethereum blockchain. This expansion is carried out in partnership with Yuga Labs, renowned for projects such as Bored Ape Yacht Club (BAYC), with the aim of honoring and supporting creators on the network.
The launch of this new NFT marketplace on Ethereum seeks to provide users with a web3 ecosystem. In this regard, Magic Eden and Yuga Labs have worked together to ensure a diverse offering of NFT collections, with the participation of other partners like Limit Break.
Better waters.
Ethereum marketplace now live. pic.twitter.com/geWXOTdmAN
— Magic Eden 🪄 (@MagicEden) February 27, 2024
One of the highlights of this initiative is the rewards program offered to creators and collectors. Through this program, users can earn “Diamonds” as an incentive for their participation on the platform, including the opportunity to receive Diamond airdrops for delisting and relisting NFTs on the new marketplace.
Magic Eden Builds the Future of NFTs Hand in Hand with Yuga Labs and Many More Players
Greg Solano, CEO of Yuga Labs, has emphasized the importance of royalties as the driving force behind creators in their quest for innovative projects within the web3 ecosystem. Additionally, he has praised Magic Eden for being the first protocol to partner with creators to launch a platform that is not only impressive but also offers customized pages for collectors, loyalty rewards, and ensures the enforcement of royalty agreements.
To celebrate the marketplace launch, Magic Eden, Yuga Labs, and other members of the Creator’s Alliance have collaborated in creating a unique NFT artwork designed by Clon of Cool Cats. This limited-edition artwork, composed of 1,000 minted NFTs, will be randomly airdropped to the first 500 users who use the new marketplace during the first month, while the remaining 500 will be awarded to users whose transactions generate the most royalties for creators on the platform.
In addition to the marketplace launch on Ethereum, Magic Eden has introduced the Creator’s Alliance, an innovative initiative designed to support developers and ensure a fair and sustainable royalty structure across the entire NFT industry. This alliance, backed by Yuga Labs and other projects like RTFKT, Pudgy Penguins, and Azuki, exclusively seeks to support markets that prioritize creator royalties.
