Magic Eden & Yuga Labs Set To Launch Their Royalty-Focused ETH NFT Marketplace Today

On Feb 27, 2024

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Magic Eden, the digital cross-chain non-fungible token marketplace, has announced ready plans to launch a creator royalty-focused Ethereum-based non-fungible token marketplace today. Magic Eden has partnered with several top NFT projects, including Yuga Labs and Chiru Labs, to launch its highly anticipated NFT market platform.

Magic Eden X Yuga Labs Set To Go Live Today

In a February 26 blog post, Magic Eden confirmed ready plans to launch its much-anticipated creator royalty-focused NFT marketplace today. Magic Eden will become the first major NFT project to establish an Ethereum-based NFT marketplace that is contractually obligated to honour creator royalties.

Tomorrow. pic.twitter.com/3xWioC3tYq
— Magic Eden 🪄 (@MagicEden) February 26, 2024

Launched in 2021, Magic Eden is one of the largest NFT marketplaces in the Solana ecosystem, with a robust suite of products and services. Magic Eden has gone beyond Solana to support other blockchain networks, including Ethereum, Polygon, and even Bitcoin Ordinals.

The NFT marketplace is focused on reuniting artists, creators, and NFT enthusiasts from multiple blockchains in a single platform that offers a wide variety of features for users, creators, and developers. In that context, Magic Eden is envisioned as providing a user-friendly interface, a low-fee policy and a flexible royalty system that benefits users and creators.

Magic Eden’s Ethereum NFT Marketplace Overview

Magic Eden announced plans to launch its new highly anticipated Ethereum NFT marketplace in November 2023. At the time, the NFT marketplace announced its official partnership with Yuga Labs, the digital asset incubation studio behind the famous Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections.

pic.twitter.com/Anszbskalb
— Yuga Labs (@yugalabs) February 26, 2024

Magic Eden and Yuga Labs reportedly started thinking of incubating a non-fungible token marketplace that honours digital artists and creators sometime in August after one of the largest NFT marketplaces, OpenSea, made creator royalties optional. At the time, Magic Eden and Yuga Labs condemned OpenSea’s move, insisting that creators should be incentivized.

To develop a digital market platform that will meet creators’ desires, Magic Eden has teamed with other top blockchain tech experts, including Chiru Labs. Launched in 2021, Chiru Labs is a digital asset firm renowned for creating some of the most popular NFT collections, like Azuki, Beanz, and Azuki Elemental NFTs.

We’re excited to announce a partnership with @Azuki
Going forward, Magic Eden will be the preferred marketplace for Chiru Labs NFT collections & Azuki will advise Magic Eden on the development of our ETH marketplace.
Two gardens ⚔️ pic.twitter.com/dHTG6EvEe2
— Magic Eden 🪄 (@MagicEden) February 6, 2024

In related reports, Magic Eden recently launched a non-custodial wallet in the form of a browser extension that serves as a multi-purpose web3 navigator while allowing users to connect to dApps, Web3 apps, or non-fungible tokens platforms and the broader web3 universe.