Revitalizing NFTs: Yuga Labs and Magic Eden’s Ethereum Venture Sparks Hope

Published on:

  • Yuga Labs has partnered with a cross-chain NFT platform, Magic Eden, to launch a new Ethereum NFT marketplace.
  • Yuga Labs has recently taken a clear stance regarding OpenSea and the issue of royalty enforcement.
  • Magic Eden took a stance to support Solana-powered compressed NFTs(cNFTs).

The NFT landscape has experienced numerous highs and lows throughout the years. Initially, when the concept of NFT first came to be, it redefined how artist and media companies could monetize their products.

It led to the development of the first decentralized application utilizing blockchain to simplify complex supply chains. Soon, artists shifted from a pen and a paintbrush to a stylus and a smart device. It presented a more comprehensive market and significantly increased the value of art itself. 

The NFT landscape thrived for some time until it ran into several issues. The high surge of digital assets and the fluctuation of cryptocurrency eventually proved overwhelming for these web3 applications. Fortunately, the NFT landscape offered more than a global platform for artists; it represented the practicability of digital ownership. 

As one of the most outstanding achievements of web3, digital ownership overhauls the application of NFTs in other industries. Soon, the NFT landscape entered the entertainment and media industry, Government services, and many more. Unfortunately, this did not salvage its marketplaces.

In recent news, Yuga Labs and Magic Eden have announced a collaboration to introduce a new Ethereum NFT marketplace to revive the NFT landscape. If appropriately launched, this could be the incentive the market requires to pick up the pace. In addition, with the value of Bitcoin increasing and the high rise of crypto payment gateways, this new Ethereum NFT marketplace may save the entire NFT landscape.

Yuga Labs and Magic Eden partner to launch a new Ethereum NFT marketplace

Ethereum is the second largest crypto-tita, only surpassed by the original digital currency. Throughout the years, Vitalik Buterin has made it clear he never intended to context with Bitcoin. Instead, he dedicated his life’s work to ensure that he improved upon the functionalities of Bitcoin and created an ecosystem where decentralized applications can thrive. 

Over the years, Ethereum has become a powerhouse, creating an ecosystem that allows developers to actualize their creativity through blockchain technology. Ethereum has grown to accommodate all components of Web3, but among its demanding and challenging investment is the NFT marketplaces.

The crypto crash in 2022 and the extensive crypto winter have dragged major Ethereum NFT marketplaces to the ground. This became so bad that, for a time, most of the global web3 community believed the end of NFT marketplaces was nigh.

Fortunately, few actors still believe in the potential of NFT and have strived to protect their organizations and the marketplaces as a whole. Yuga Labs, the digital and blockchain company behind Boreed Ape Yacht Club NFTs, is among the few who strive to revive Ethereum NFT marketplaces. In recent news, Yuga Labs has partnered with a cross-chain NFT platform, Magic Eden, to launch a new Ethereum NFT marketplace.

Ethereum-NFT-Marketplace
Yuga Labs and Magic Eden are set to launch the Ethereum NFT marketplace to revive the NFT landscape.[Photo/NFT-News-Today]
According to reports, both companies will collaborate to actualize a Magic Eden Ethereum NFT marketplace by the end of 2023. In addition, Yuga Labs and Magic Eden have proudly claimed that the new Ethereum NFT marketplace will become the very first ecosystem with a binding commitment to upholding creator royalties. 

They emphasize that merely launching this decentralized application will revolutionize the NFT landscape, reviving it to its former glory. Yuga Labs expressed their zeal and eagerness to collaborate with Magic Eden. They also clarified that their primary intent is to only engage with the marketplace to demonstrate their unwavering respect for digital creators.

 This aims to create an NFT landscape with equitable treatment for all creators, investors, and collectors. Due to the immense flooding of the NFT landscape, negative trends like rug pulls, delayed payment, and infringements of royalties have significantly contributed to the downfall of the NFT landscape.

Daniel Alegre, CEO of Yuga Labs, said, “We see this partnership with Magic Eden as a win for the entire ecosystem. Magic Eden is wholeheartedly backing their commitment with action, and together, we are championing the development of an Ethereum NFT marketplace that empowers creators – the lifeblood of the web3 world.”

Jack Lu, Co-founder of Magic Eden, revealed that the enhanced Ethereum NFT marketplace would utilize cutting-edge smart contracts servicing as the foundation for decentralized applications. The designs, tools, and services will guarantee seamless distribution of royalties in secondary market transactions.

This will create an NFT landscape that protects their creator’s interest, which provides a conducive environment for collectors and investors.

Also, Read Redefining digital identity in Africa: The role of the Humanity Protocol and NFTs.

Ethereum NFT marketplace: the rise and downfall of the NFT landscape

As mentioned earlier, Ethereum has dedicated its services and functionalities to create a conducive environment that will eventually usher in the global adoption of Web3. To achieve this grand feat, Ethereum has created several platforms for decentralized applications to thrive. When narrowing it down to the NFT marketplace, Ethereum has dominated the franchise.

 In addition, Ethereum provides the means for the ecosystems to exist. After achieving this requirement, developers, artists, and investors are given free will over their projects. This approach towards decentralized applications has significantly contributed to the diversification and vibrance of decentralized applications. 

A few names must appear when looking into the significant Ethereum NFT marketplace. For starters, OpenSea is the most progressive Ethereum NFT marketplace. It is the largest NFT marketplace Ethereum houses, having over 4 million items sold. Its user-friendly interface and wide range of NFT products have enabled this ecosystem to thrive. 

OpenSea currently has over 2 million unique traders and houses a total transaction value of $34.47 billion. Its rise to fame has allowed many prominent artists to thrive. According to Blocksirvery, the average pricing of all NFTs is $1200. In addition, since it is an Ethereum NFT marketplace, it has a variety of crypto payment gateway that facilitate its functionalities.

Also, Read: Bitcoin and Ethereum: The Unprecedented Merger Set to Transform the Web3 Industry

Unfortunately, many still peg the downfall of the NFT landscape to OpenSea. For instance, Yuga Labs has recently taken a clear stance regarding OpenSea and the issue of royalty enforcement. Their negative opinion of the largest Ethereum NFT marketplace revolves around OPenSea’s decision to discontinue its chain loyalty enforcement tool, Operator Filter, in 2022.

 Generally, the Operator Filter enabled creators to exercise control over the sale of their NFTs. In addition, this also allowed users to restrict the sales of their content to a platform that did not uphold similar royalty principles like Blur. The sudden change of opinion significantly brought down the NFT Landspace since Operator Filter ensured NFT artists had a steady income from their content.

Magic Eden Expands their horizon to salvage the NFT landscape.

Aside from developing a ground-breaking Ethereum NFT marketplace, Magic Eden has significantly made additional efforts to revive the NFT landscape. In another report, Magic Eden took a stance to support Solana-powered compressed NFTs(cNFTs).

They made this strategic move to incorporate a more straightforward method of minting NFT, making it more accessible to creators. In doing this, it diversifies from Ethereum and presents better, faster, and more secure options for NFT creators.

 In addition, Magic Eden is backing BRC tokens on its chain platforms. Generally, this move highlights their belief in cNFTs as a game-changer for the NFT landscape. According to them, it has the potential to breathe new life into digital collectibles during the harsh times it currently faces.

Yuga Labs and Magic Eden have showcased their belief in decentralized applications by trying every means to safeguard the NFT landscape. This web3 application has brought many changes into the world and may offer more use as we continue this journey. One thing is made clear: the new Ethereum NFT marketplace will attest to the resilience of decentralized applications. This further solidifies the vision of a global web3 ecosystem.

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Ken Mutuku
Ken Mutuku
Your Guide to the Future of Tech, Web3, and Digital Storytelling. With a keen eye for detail and a knack for concise communication, Ken Mutuku is your go-to professional for decoding the next wave of technological evolution. Whether through captivating videos, insightful articles, or engaging presentations, he masterfully crafts messages that deeply resonate with his audience, setting him apart in the digital landscape.