Magic Eden & Yuga Labs Plan to Launch Loyalty-Focused ETH NFT Marketplace Today

adminFebruary 27, 2024

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Magic Eden, a digital cross-chain non-fungible token marketplace, today announced plans to launch a creator-loyalty-focused Ethereum-based non-fungible token marketplace. Magic Eden has launched its highly anticipated NFT marketplace platform in partnership with several top NFT projects, including Yuga Labs and Chiru Labs.

Magic Eden

In a February 26 blog post, Magic Eden confirmed plans to launch its highly anticipated creator loyalty-focused NFT marketplace today. Magic Eden will be the first major NFT project to build an Ethereum-based NFT marketplace that is contractually obligated to honor creator royalties.

tomorrow. pic.twitter.com/3xWioC3tYq
— Magic Eden 🪄 (@MagicEden) February 26, 2024

Launched in 2021, Magic Eden is one of the largest NFT marketplaces in the Solana ecosystem with a robust suite of products and services. Magic Eden goes beyond Solana and supports other blockchain networks, including Ethereum, Polygon, and Bitcoin Ordinals.

The NFT Marketplace is focused on reuniting artists, creators, and NFT enthusiasts from multiple blockchains on a single platform that offers a variety of features to users, creators, and developers. In this context, Magic Eden is envisioned to offer a user-friendly interface, a low fee policy, and a flexible loyalty system that benefits users and creators.

Overview of Magic Eden’s Ethereum NFT Marketplace

Magic Eden has announced plans to launch a new Ethereum NFT marketplace in November 2023. At the time, the NFT marketplace announced an official partnership with Yuga Labs, a digital asset incubation studio for the popular Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs. collection.

pic.twitter.com/Anszbskalb
— Yuga Labs (@yugalabs) February 26, 2024

Magic Eden and Yuga Labs reportedly began considering incubating a non-fungible token marketplace honoring digital artists and creators around August after OpenSea, one of the largest NFT marketplaces, made creator royalties optional. At the time, Magic Eden and Yuga Labs criticized OpenSea’s move, saying creators should be incentivized.

To develop a digital marketplace platform that will meet the needs of creators, Magic Eden has teamed up with other leading blockchain technology experts, including Chiru Labs. Launched in 2021, Chiru Labs is a digital asset company known for creating some of the most popular NFT collections such as Azuki, Beanz, and Azuki Elemental NFTs.

We are pleased to announce our partnership with: @Azuki
Going forward, Magic Eden will become the preferred marketplace for the Chiru Labs NFT collection and Azuki will advise Magic Eden on the development of the ETH market.
Two gardens ⚔️ pic.twitter.com/dHTG6EvEe2
— Magic Eden 🪄 (@MagicEden) February 6, 2024

According to a related report, Magic Eden recently launched a non-custodial wallet in the form of a browser extension that acts as a versatile web3 navigator, allowing users to connect to the wider web3 with dApps, Web3 apps or non-fungible token platforms. universe.