- Magic Eden launched a new Ethereum NFT marketplace in partnership with Yuga Labs that enforces creator royalties, unlike other major platforms.
- Magic Eden introduced the Creators Alliance initiative, inviting creators to join an agreement to only allow sales on royalty-enforcing marketplaces. Major brands like Yuga Labs have joined.
- The marketplace launch is accompanied by special features like custom collector pages, a commemorative NFT drop with Yuga Labs, and reduced Yuga Labs royalties.
Today, Tuesday Feb 27, Magic Eden has launched its new Ethereum marketplace created in collaboration with Yuga Labs. The marketplace is designed to be the industry’s first major Ethereum platform that honors creator royalties, according to a statement from Magic Eden.
Introducing the Creators Alliance
Alongside the new marketplace, Magic Eden has also unveiled its Creators Alliance initiative. This initiative invites creators to join an agreement stating they will only allow their products to be sold on royalty-enforcing marketplaces. Brands like Yuga Labs, RTFKT, Azuki, and Pudgy Penguins have already joined.
Comments from Yuga Labs CEO
“Royalties are the lifeline that keep creators building fun, weird and innovative activations in web3,” said Yuga Labs CEO Greg Solano 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 added.
Marketplace Features
The new marketplace offers custom pages for collectors and opportunities to earn loyalty rewards by trading on the site. To celebrate the launch, Yuga Labs has also temporarily lowered its collection royalties – 25% for all royalty-enforced collections and 1% for legacy collections.
Magic Eden CEO Comments
“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 Creators Alliance,” said Magic Eden CEO and co-founder Jack Lu.
Commemorative NFT Drop
To celebrate their partnership, Yuga, Magic Eden, and other Creators Alliance members have collaborated on a commemorative NFT edition of 1000. 500 will be airdropped to early platform users, and 500 will go to those generating the most royalties.
The announcements follow a busy first quarter for Magic Eden, with the launch of its cross-chain wallet, new rewards program, and open-sourcing initiatives.
