In the ever-evolving realm of NFTs, today marks a pivotal moment as the highly anticipated Magic Eden Ethereum marketplace finally goes live, springing to life on the blockchain.
In partnership with Yuga Labs, this platform marks a pivotal advancement in advocating for creators’ rights within the Web3 domain. It emphasizes ethical practices, bolsters artists’ independence, and excludes marketplaces that fail to uphold royalty commitments, as recently announced on X.
In celebration of its introduction, Magic Eden has announced a temporary reduction in royalty rates. For the first 69 days, royalties will be adjusted downward to 2.5% for newly enforced collection rates and 1% for pre-existing legacy collections.
What’s more, the marketplace is shortly launching a Mint-to-Earn (M2E) program with a 50% Diamond Bonus on Yuga Labs collections. Users will also be able to get their hands on Diamonds when minting other, specific Ethereum projects.
Source: X (Magic Eden)Royalty Protection Measures
Magic Eden has been fervently working with the Yuga team to redefine the dynamic between NFT creators and enthusiasts. Their concerted efforts have led to bespoke pages for collectors, schemes to reward loyalty, and, most crucially, strict royalty protection measures that aim to secure regular income streams for creative talents.
Ahead of this new marketplace launch, it was announced that support is being withdrawn from platforms not enforcing universal royalty payments, highlighting its initiative to ensure creators receive due compensation.
The stance on supporting only platforms that uphold royalty payments aims to benefit the entire NFT ecosystem, allowing creators to focus on innovation without worrying about monetization.
Y00ts recently declared its participation in this trend, committing to the platform with a strategy that ensures all royalties are funneled back into acquiring its virtual collectibles. Additionally, the NFT titan is endorsing creators with X badges to bolster their reach on the social media channel, which is notoriously favored in the Web3 sphere.
Source: X (Magic Eden)Magic Eden’s M2E Initiative
Moreover, Magic Eden’s M2E program is set to revolutionize the way creators and collectors engage with digital assets, starting with its inaugural ‘Season 1’ at the end of February. Throughout this initiative, Diamonds will be accumulated and later distributed to those who mint selected projects via the marketplace’s Launchpad, rewarding users for their participation and support.
Season 1 boasts an impressive lineup of participants, including Planet Mojo, OSF, ThankYouX, CryptoNinja, SK8PES, Okay Dogs, RENGA, Chimpers, traf, Quirkies, Ironbelly Studios, and SanFran Tokyo, among others.
As Season 1 unfolds, Magic Eden eyes Season 2’s shift to the Solana blockchain, signaling a commitment to explore new opportunities and expand its ecosystem across diverse blockchain environments, promising broader horizons for users and partners.
However, today signifies a significant milestone in the realm of NFTs as the Magic Eden Ethereum marketplace officially debuts, advocating for creator rights and equitable compensation. Through its M2E initiative and strategic collaborations, the platform is positioned to spearhead a more diverse and forward-thinking digital era on-chain.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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