Magic Eden and Yuga Labs are two of the most influential names in NFTs. In November 2023, Magic Eden and Yuga Labs announced a formal partnership to launch the Magic Eden Ethereum marketplace, with a planned launch by the end of 2023 and a commitment to creator royalties. This guide explains how the two companies reached this point and what it means for Ethereum NFT traders.
The relationship between Magic Eden and Yuga Labs is now a formal collaboration. The new marketplace is described as the first major Ethereum marketplace contractually obligated to honor creator royalties. That distinction matters in a market where royalty enforcement has been inconsistent.
Magic Eden: From Solana Dominance to Multi-Chain Reach
Magic Eden started as a Solana-focused NFT marketplace. The platform introduced launchpad services, creator tools, and gamification elements that made trading feel accessible to a broader audience. By late 2022, Magic Eden commanded over 90% of Solana’s NFT trading volume.
The team then expanded beyond Solana. Magic Eden launched Ethereum support in March 2023, followed by Bitcoin Ordinals support, then Polygon and Base integrations. This multi-chain approach lets you manage Ethereum, Solana, and other assets from a single interface, reducing the friction of switching between platforms. With a linked wallet, you can access your Ethereum NFTs, Solana holdings, and Bitcoin Ordinals in the same environment.
Magic Eden’s expansion strategy reflected a simple observation: collectors were not choosing chains based on ideology anymore; they were following the collections they wanted. Instead of building a moat around a single blockchain, Magic Eden built bridges between ecosystems.
Yuga Labs: The Creator Behind Ethereum’s Premier Collections
Yuga Labs built Bored Ape Yacht Club (BAYC), which launched in April 2021 at a mint price of 0.08 ETH. The collection’s floor price peaked above 150 ETH in April 2022, worth roughly $450,000 per NFT at the time. BAYC’s commercial rights model turned holders into business owners and helped cement Yuga Labs as a blue-chip name in the NFT space.
Yuga Labs continued to expand its ecosystem. It acquired CryptoPunks and Meebits from Larva Labs in March 2022. CryptoPunks, launched in 2017, are widely considered the first significant NFT project on Ethereum. In April 2022, the Otherdeed land sale generated over $300 million in primary sales and pushed Ethereum gas fees to unprecedented levels. Yuga Labs also created Mutant Ape Yacht Club and launched ApeCoin.
Yuga Labs’ influence on Ethereum’s NFT market is hard to overstate. When Yuga Labs announces a development, the entire market pays attention. Its collections anchor liquidity on Ethereum, which is why supporting Yuga properties became essential for any serious marketplace.
Magic Eden’s Ethereum Marketplace and the Royalty Commitment
When Magic Eden entered Ethereum, it did so with zero mandatory marketplace fees for buyers and optional creator royalties. That fee structure gave traders more control and created a clear alternative to platforms with fixed fees. The platform also prioritized Yuga Labs collections, with full support for trading, filtering, and analytics for BAYC, Mutant Ape Yacht Club, and other Yuga projects.
The partnership with Yuga Labs took the royalty commitment further. On 4 November 2023, Yuga Labs and Magic Eden announced the Magic Eden Ethereum marketplace, planned to launch by the end of 2023 and described as the first major Ethereum marketplace contractually obligated to honor creator royalties. The new marketplace went live in late February 2024.
Why More Marketplace Competition Matters
More competition among marketplaces tends to result in lower fees, better features, and improved user experiences. Magic Eden’s entry into Ethereum gives traders another strong option, while its support for Yuga Labs collections keeps blue-chip NFTs accessible across platforms.
As the NFT market matures, the collaboration between Magic Eden and Yuga Labs will likely influence how other marketplaces handle royalties, cross-chain trading, and major collection support. Whether you’re a collector or a trader, this partnership is worth watching.
