Today’s breaking NFT news unveils the launch of the Ethereum NFT marketplace, a collaboration between the Magic Eden marketplace and esteemed NFT developer Yuga Labs.
In their official statement, Magic Eden highlighted key features of the marketplace, including enforced royalties, aggregation capabilities, and enticing diamond rewards. “We’re committed to empowering creators and fostering community support,” stated Magic Eden.
The team also emphasized their observation of the successful implementation of royalties on Solana. They emphasized the importance of aligning with creators and establishing a sustainable model on Ethereum.
Additionally, the marketplace aims to streamline the NFT browsing experience by consolidating all available listings into one convenient platform. “Centralizing listings is crucial for the industry’s transition towards royalty-enforced Magic Eden listings,” affirmed the teams involved.
In a significant development, Yuga Labs co-founder Greg Solano revealed that, in celebration of the new marketplace’s launch, royalties will be discounted for a period of 69 days.
The collaboration between Yuga Labs and Magic Eden, which led to the introduction of the Magic Eden Ethereum Marketplace in November 2023, marked a pivotal moment. Both teams proudly announced that this venture would mark the first major Ethereum marketplace with a contractual commitment to uphold creator royalties.
Highlighting the significance of this milestone, the teams emphasized their dedication to safeguarding creator royalties and fostering innovation within the space. “This marketplace reinforces Yuga Labs’ and Magic Eden’s unwavering commitment to protecting creator royalties and driving advancements in a model that encourages more builders to engage with the community,” they stated.
Moreover, Yuga Labs made it clear this week that marketplaces failing to support royalties would face restrictions.
CEO Daniel Alegre, in a press release from November, expressed admiration for Magic Eden’s proactive approach: “Magic Eden is demonstrating their dedication, and together we are fostering the growth of an Ethereum marketplace that prioritizes creators, who are indispensable to the evolution of web3.”
