Magic Eden, a renowned digital cross-chain NFT marketplace, has announced the launch of a new NFT market based on Ethereum, focused on author royalties. In collaboration with leading NFT projects, including Yuga Labs and Chiru Labs, Magic Eden introduces its new NFT trading platform, which launches today.

This initiative aims to create a marketplace that contractually commits to paying royalties to creators, making Magic Eden the first major NFT project to implement such a model on Ethereum. Since its launch in 2021, Magic Eden has established itself as one of the largest NFT trading platforms in the Solana ecosystem, offering a wide range of products and services. Now, expanding its boundaries beyond Solana, the platform supports other blockchain networks, including Ethereum, Polygon, and even Bitcoin Ordinals.

Magic Eden seeks to unite artists, creators, and NFT enthusiasts from different blockchains on a single platform, offering diverse opportunities for all participants. With the new Ethereum NFT market, Magic Eden aims to provide a user-friendly interface, low commission fees, and a flexible royalty system that benefits both users and creators.

The initiative to create this market arose after OpenSea, one of the largest NFT trading platforms, made royalties optional, prompting criticism from Magic Eden and Yuga Labs, who insisted on the need to incentivize creators. In response, Magic Eden collaborates with leading experts in blockchain technologies, including Chiru Labs, known for its popular NFT collections such as Azuki and Beanz, to develop a platform that meets the needs of creators.

Furthermore, Magic Eden recently launched a non-custodial wallet in the form of a browser extension, serving as a universal tool for navigating Web3, allowing users to connect to decentralized applications, NFT platforms, and the Web3 universe.