Hong Kong-based Animoca Brands has partnered with NFT marketplace Magic Eden to introduce a new platform for launching non-fungible tokens (NFTs).
This move comes despite growing concerns over the future of NFT projects amid increasing regulatory scrutiny and market uncertainty.
Animoca Brands Partners With Magic Eden
The collaboration has resulted in MagicMoca, a new NFT launchpad expected to launch in Q3 2024. The platform will cater exclusively to the Mocaverse community, offering access to selected NFT projects. These launches will be available to holders of Moca NFTs, MOCA Coin, Moca IDs, and members of the Magic Eden community.
According to the announcement, MagicMoca will leverage the Moca Network, channeling NFT projects from Animoca Brands and its portfolio of over 540 Web3 ventures. MOCA Coin will serve as the currency for NFT sales on both MagicMoca and Magic Eden.
Additionally, Magic Eden will integrate Mocaverse products, enabling Moca ID users to participate in significant NFT launches and develop their on-chain reputations, with NFTs serving as incentives for participation.
“Magic Eden will incentivize its millions of users to integrate with Moca Network by offering a Diamond boost when users purchase and/or list MagicMoca NFTs through its native Rewards program,” an excerpt in the announcement read.
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This development comes despite the success rate of NFT projects coming under scrutiny. As BeInCrypto reported, 96% of NFT projects are considered dead. With challenges such as NFT scams and wash trading to create fake demand presenting as possible culprits to project success, MagicMoca’s launches, advertised as “high-quality NFT projects,” could yield better results.
“Together, Mocaverse and Magic Eden will tap into Mocaverse’s network effect and curate only the best projects launching NFTs exclusively for both communities. Magic Eden is launching marketplaces compatible with different chains, and we’re fully aligned to bringing full interoperability to users through our new launchpad MagicMoca and adopting the omni-chain MOCA Coin,” Mocaverse lead Kenneth Shek said.
Elsewhere, Magic Eden remains at odds with a select faction of users. They slam it for its recent domain restructuring that left US-based used in mucky waters.
The US Securities and Exchange Commission (SEC) likely instigated the action with its Wells Notice to OpenSea NFT marketplace. This suggested Magic Eden, which also serves the US market, could be next. As BeInCrypto reported, the regulator moved to classify NFTs as securities.
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Similarly, Animoca Brands, a leading force in the cryptocurrency gaming and metaverse sectors, also has its own share of clamor. The firm has a previous history with governance and accounting concerns, culminating in its delisting from the Australian Securities Exchange (ASX). Notwithstanding, Animoca Brands has plans to go public in Q1 2025.