Magic Eden, a digital multi-chain non-fungible token marketplace platform, has announced an official partnership with digital asset incubator Chiru Labs. The partnership comes just days after the NFT marketplace announced another partnership with Pudgy Penguins NFT. In this article, we’ll explore Magic Eden’s plans for the NFT marketplace.
Integration of Magic Eden and Chiru Labs
In a blog post on February 6, Magic Eden NFT marketplace confirmed its partnership with Chiru Labs. Founded in 2021, Chiru Labs is a well-known digital asset incubation studio responsible for the popular Azuki, Beanz, and Azuki Elemental NFT series.
“We are excited to announce our partnership with @Azuki. In the future, Magic Eden will become the preferred marketplace for Chiru Labs NFT collections, and Azuki will advise on Magic Eden’s ETH market development. Two gardens ⚔️”
Blue Chip Azuki is an NFT series consisting of a limited edition of 10,000 anime-themed NFTs hosted on the Ethereum blockchain network, while Beanz is an NFT series consisting of a limited supply of 19,950 unique digital items, also hosted on the Ethereum blockchain network. Azuki Elemental is an NFT series consisting of a limited edition of 20,000 anime-themed NFTs.
Under this new partnership, Magic Eden will become the preferred marketplace for Chiru Labs’ NFT collection. The Azuki NFT team will also advise Magic Eden NFT marketplace in developing its upcoming Ethereum-based NFT marketplace.
Magic Eden announced plans for its much-anticipated Ethereum NFT marketplace in November 2023. At the time, the cross-chain non-fungible token marketplace partnered with Yuga Labs, a digital asset incubator and founder of the Bored Ape Yacht Club.
Magic Eden and Yuga Labs’ NFT marketplace platform focuses on royalties to uphold the principles of digital ownership and give creators “the right to continue to receive royalties for their original works.” Commenting on the project in a press release, Jack Lu, co-founder of Magic Eden, said:
“We are committed to improving the web3 creator ecosystem and firmly believe that we should support creators who are the heart and soul of the industry…Now, it’s important to provide creators with the support they deserve, including a creator royalty program.”
Magic Eden Ethereum NFT Marketplace
Magic Eden and Yuga Labs reportedly began incubating their ETH markets in August after OpenSea, one of the largest NFT marketplaces, made royalties optional, a move that was criticized and condemned by NFT projects. Mark Cuban also criticized OpenSea’s move.
Yuga Labs and Magic Eden are showing that while other marketplaces will turn their backs on creators, they have a clear stance. Magic Eden announced another partnership with the Pudgy Penguins NFT series earlier this week to ensure its ecosystem remains a top choice for collectors and creators.
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