By
Godfrey Benjamin
April 26th, 2024
Besides the new Ethereum marketplace, Magic Eden has unveiled its Creator’s Alliance, a groundbreaking initiative designed to support developers.
Magic Eden, one of the leading decentralized finance (DeFi) protocols based on the Solana ecosystem, has expanded its business offerings to the Ethereum blockchain with the launch of a non-fungible token (NFT) marketplace dedicated to creators on the network.
In an official press release on Tuesday, the company announced that the new marketplace was developed in partnership with Yuga Labs, home to popular NFT projects such as Bored Ape Yacht Club (BAYC) and Otherside, to honor creator royalties.
Better waters.
Ethereum marketplace now live. pic.twitter.com/geWXOTdmAN
— Magic Eden 🪄 (@MagicEden) February 27, 2024
Magic Eden Enters the Ethereum Ecosystem
Magic Eden revealed it teamed up with Yuga Labs to ensure it provides a thriving web3 ecosystem for users by recognizing and rewarding the vital role creators play in shaping the future of NFTs.
The two companies and other partners, such as Limit Break, have enhanced the marketplace to provide users with access to a diverse range of NFT collections from popular creators in the industry.
“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 Jack Lu, CEO at Magic Eden.
Magic Eden said the new NFT marketplace was designed to offer users incentives through its newly launched rewards program. Both NFT creators and collectors can earn Diamonds as rewards for their contributions and engagements on the platform. Users will also be compensated with Diamond airdrops for delisting and relisting NFTs on the new marketplace.
Greg Solano, the CEO of Yuga Labs, highlighted the significance of royalties as the lifeblood that sustains creators in their pursuit of building innovative and quirky projects within the web3 ecosystem.
He also commended Magic Eden for being the first protocol to partner with creators in launching a platform that is not only impressive but also offers custom pages for collectors and loyalty rewards and enforces royalty agreements diligently.
Magic Eden to Airdrop 500 NFTs to Early Birds
The launch of the new Ethereum marketplace positions Magic Eden in direct competition with other established NFT marketplaces in the Ethereum ecosystem, such as OpenSea and the recently launched Blur, which gained traction during the 2023 market winter.
To commemorate the rollout of the marketplace, Magic Eden, Yuga Labs, and other members of the Creator’s Alliance have collaborated to create a unique NFT art piece designed by Clon of Cool Cats.
According to the press release, the limited-edition artwork will consist of 1,000 minted NFTs. 500 NFTs will be randomly airdropped to early adopters who used the new NFT marketplace during the first month of launch. Magic Eden said the remaining 500 NFTs will be awarded to users whose transactions generated the most royalties for creators on its platform.
Creator’s Alliance
Besides the new Ethereum marketplace, Magic Eden has unveiled its Creator’s Alliance, a groundbreaking initiative designed to support developers. The new venture aims to create a sustainable royalty framework, ensuring creators receive fair compensation across the industry.
The protocol, alongside Yuga Labs, said they would exclusively support marketplaces that prioritize creator royalties while leaving non-compliant platforms behind.
The Creator’s Alliance has already attracted a range of projects and companies from different industry sectors, including Yuga Labs, RTFKT, Pudgy Penguins, and Azuki.
Magic Eden also explained that the Ethereum marketplace and The Creator’s Alliance represent the first steps in its ambitious 2024 innovation plan.
Last month, the company introduced new product offerings into the market, including a cross-chain, self-custody wallet, cross-chain rewards program, and open-sourcing and contributing major protocols to Non-Fungible DAO.