Today, Magic Eden and Yuga Labs have launched a new Ethereum marketplace, marking a significant step forward as the industry’s first major Ethereum platform that respects creator royalties.

Partnership Aims to Foster a Thriving Web3 Ecosystem

This collaboration between Magic Eden, a leading cross-chain NFT platform, and Yuga Labs, a web3 lifestyle and media company known for Bored Ape Yacht Club (BAYC) and others, aims to foster a thriving web3 ecosystem by valuing the contributions of creators.

Introduction of The Magic Eden Creator’s Alliance

The initiative also sees the introduction of The Magic Eden Creator’s Alliance, a movement designed to support a sustainable royalty framework across the industry. This ensures creators receive fair compensation. The alliance is backed by numerous projects and companies, including RTFKT and Pudgy Penguins, who commit to supporting marketplaces that respect creator royalties.

Ethereum Marketplace Offers and Rewards

Magic Eden’s Ethereum marketplace offers access to premier mints from top creators, along with incentives through an industry-leading rewards program. Platform users are rewarded with Diamonds for their activity, which includes benefits for delisting and relisting NFTs on this new marketplace.

CEOs Underline the Significance of Royalties for Creators

Greg Solano, CEO & Co-Founder of Yuga Labs, emphasized the importance of royalties for creators, describing them as the “lifeline” for fostering “innovative” activations within web3. Meanwhile, Jack Lu, CEO and co-founder of Magic Eden, underlined the essential role of collaboration with creators and the community in building a marketplace that not only honors creator royalties but also promotes the growth of the industry.

Special NFT Art Piece to Mark the Launch

To mark the launch of the Ethereum marketplace, Magic Eden, Yuga Labs, and fellow members of the Creator’s Alliance have unveiled a special NFT art piece. This piece, crafted by Clon of Cool Cats, symbolizes the collaboration and innovation within the web3 space. A total of 1,000 of these commemorative NFTs will be distributed. Half will be airdropped randomly to users who have engaged with the platform during its first month. The remaining 500 will be used to reward users whose transactions have contributed the most to creator royalties.

Magic Eden’s 2024 Innovation Agenda

This launch is part of Magic Eden’s extensive 2024 innovation agenda, which includes the introduction of a cross-chain, self-custody wallet, a cross-chain rewards program, and contributions to Non-Fungible DAO. The Ethereum marketplace was initially announced in November 2023, with both Magic Eden and Yuga Labs expressing their dedication to ensuring creators receive rightful royalties.

Success of Magic Eden’s Bitcoin NFT Market

Amidst the new launch of Magic Eden’s Ethereum marketplace, the platform’s Bitcoin NFT market has also reached unprecedented levels of success. Over the past month, it recorded more than \$100 million in trading volume alongside a record \$2 million in transaction fees. This achievement represents a notable increase in activity since September of the previous year, reflecting sustained interest from both the cryptocurrency community and institutional investors.

Surge in Bitcoin’s Market Value

This surge coincides with a notable rise in Bitcoin’s market value, which has climbed over 125% since last September, now surpassing \$59,000 for the first time since December 2021.

Stay tuned for more updates in the world of cryptocurrency and NFTs. Find out more on our site, Global Crypto News.

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