The Ethereum-powered non-fungible token (NFT) marketplace by Magic Eden and Yuga Labs is set to officially launch on February 27, 2024.
The announcement came via a post on X (Twitter) by Magic Eden on February 12, featuring a video showcasing the meeting of the main characters from BAYC and Magic Eden, concluding with the marketplace launch date.
The post has generated significant community interest, with over 497,000 views, 4,000 likes, and over 1,000 shares at the time of this writing.
As per another Magic Eden post on X, the inaugural mint on the platform will feature “Okay Dogs,” an Ethereum-based NFT collection comprising 10,000 cartoon dogs.
While specific details about the marketplace remain undisclosed, its origins trace back to the November 2023 collaboration between Yuga Labs and Magic Eden. Their joint effort aimed to strengthen creator royalties, and the upcoming marketplace is expected to align with this goal.
The debate around creator royalties has been a longstanding issue within the NFT community. Many existing marketplaces, including OpenSea and Magic Eden itself, transitioned to optional royalties, allowing buyers to decide whether to compensate creators when reselling digital collectibles in the secondary market.
This shift led to dissatisfaction among creators, as they questioned the value of participating in Web3 when it seemingly offered similar benefits to Web2.
The potential migration of creators back to Web2 raised concerns within the Open Metaverse Alliance for Web3 (OMA3), a consortium comprising leading Web3 companies.
OMA3, which includes Magic Eden and Yuga Labs, took action by bringing together influential figures from the NFT community to explore new solutions for the empowerment and standardization of creator royalties.
The upcoming launch of the creator royalty-focused NFT marketplace by Magic Eden and Yuga Labs could be viewed as a first proactive step within the context of their involvement in OMA3.