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Magic Eden Launches Creator-Focused Ethereum Platform in the Midst of Surging Bitcoin NFT Transactions

Magic Eden, in collaboration with Yuga Labs, has launched a new Ethereum marketplace today, marking a significant milestone as the industry’s first major Ethereum platform that adheres to creator royalties. 

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

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, ensuring creators receive fair compensation. This alliance is backed by numerous projects and companies, including RTFKT and Pudgy Penguins, who commit to supporting marketplaces that respect creator royalties.

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.

Greg Solano, CEO & Co-Founder of Yuga Labs, underscored the significance 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.

This launch comes at a crucial moment in the evolution of the NFT market, as more platforms are beginning to prioritize creator royalties and collaboration. The rise of web3 has brought about a shift in how digital assets are valued and traded, emphasizing the importance of recognizing and compensating creators for their work. Magic Eden and Yuga Labs are at the forefront of this movement, setting a new standard for industry practices and promoting a more equitable ecosystem for creators.

To mark the launch of the Ethereum marketplace, Magic Eden, Yuga Labs, and fellow members of the Creator’s Alliance have also 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.

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.

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.

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.

The success of Magic Eden’s Ethereum marketplace can be attributed to its strategic partnerships with key players in the industry, its innovative rewards program, and its commitment to upholding creator royalties. By prioritizing the needs of creators and fostering collaboration within the web3 community, Magic Eden and Yuga Labs are paving the way for a more sustainable and inclusive NFT market.

Looking ahead, Magic Eden plans to continue expanding its offerings and enhancing its user experience to further solidify its position as a leader in the NFT space. With a strong focus on innovation, collaboration, and creator empowerment, Magic Eden is poised to shape the future of the digital asset landscape and drive positive change within the industry.

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