Today (Tuesday, Feb. 27), the new Ethereum marketplace at Magic Eden has gone live.
Created in collaboration with Yuga Labs, the marketplace is billed as “the industry’s first major Ethereum platform to honor creator royalties,” according to a Magic Eden statement.
Magic Eden has also unveiled its new Creator’s Alliance today. This initiative, designed to champion the enforcement of creator royalties as a universal standard, invites creators to enter into an agreement that they will only permit their products to be sold on royalty-enforcing marketplaces. Yuga Labs, RTFKT, Azuki, and Pudgy Penguins are some of the brands that have already joined the Alliance.
Tomorrow. pic.twitter.com/3xWioC3tYq
— Magic Eden
(@MagicEden) February 26, 2024
“Royalties are the lifeline that keep creators building fun, weird, and innovative activations in web3,” Yuga Labs CEO Greg Solano said in a statement. “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,” he said.
Alongside contractual enforcement of royalties, the new marketplace also offers custom pages for collectors and the opportunity to earn loyalty rewards by trading on the site.
Yuga Labs has also temporarily lowered its collection royalties to celebrate the launch. “To celebrate the launch of Magic Eden’s Ethereum marketplace, we’re lowering royalties for 69 days: 2.5% for all our royalty-enforced collections and 1% for legacy collections,” Solano posted on X.
“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,” he added.
To celebrate the launch of Magic Eden’s Ethereum marketplace, we’re lowering royalties for 69 days: 2.5% for all our royalty-enforced collections, and 1% for legacy collections.
— Garga.eth (Greg Solano)
(@CryptoGarga) February 27, 2024
Yuga, Magic Eden, and the other Creator’s Alliance members have collaborated on a commemorative NFT to celebrate their partnership.
The piece, designed by Cool Cats artist Clon, will be issued as an edition of 1000. Five hundred of the pieces will be airdropped randomly to people who have used the platform during the first month, and 500 will go to those whose transactions have generated the most creator royalties on the site.
These announcements follow a busy Q1 for Magic Eden, following the launch of its cross-chain wallet, the rollout of its new rewards program, and open-sourcing its major protocols to NonFungibleDAO.
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