Magic Eden Partners With Azuki To Develop Its Upcoming ETH NFT Marketplace

Updated: 07 February 2024

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Magic Eden, a digital multi-chain non-fungible token market platform, has announced its official partnership with the digital asset incubations firm Chiru Labs. The partnership appeared just a few days after the NFT marketplace announced another partnership with Pudgy Penguins NFT. In this article, we shall explore Magic Eden’s NFT market plans.

Magic Eden And Chiru Labs Integration

In a February 06 blog post, Magic Eden NFT marketplace confirmed its partnership with Chiru Labs. Launched in 2021, Chiru Labs is a renowned digital asset incubation studio behind the popular Azuki, Beanz and Azuki Elemental NFT collections.

We're excited to announce a partnership with @Azuki

Going forward, Magic Eden will be the preferred marketplace for Chiru Labs NFT collections & Azuki will advise Magic Eden on the development of our ETH marketplace.

Two gardens ⚔️ pic.twitter.com/dHTG6EvEe2

— Magic Eden 🪄 (@MagicEden) February 6, 2024

Blue-chip Azuki is an NFT collection featuring a limited edition of 10,000 anime-themed NFTs hosted on the Ethereum blockchain network, while Beanz is an NFT collection featuring a limited supply of 19,950 unique digital items also living on the Ethereum blockchain network. Azuki Elemental is an NFT collection featuring a limited set of 20,000 anime-themed NFTs.

Under the new partnership, Magic Eden will be the preferred marketplace for Chiru Labs NFT collections. The Azuki NFT team will also advise Magic Eden NFT marketplace on developing its upcoming Ethereum-based NFT marketplace.

Magic Eden announced its plans to launch its highly anticipated Ethereum NFT marketplace in November 2023. At the time, the cross-chain non-fungible token marketplace partnered with the digital asset incubation firm and Bored Ape Yacht Club creator Yuga Labs.

The Magic Eden and Yuga Labs’ NFT market platform focused on royalties to uphold the principle of digital ownership and empower creators to “continue receiving royalty payments for their original work.” While commenting about the project in a press release, Jack Lu, the co-founder of Magic Eden, remarked:

“We remain committed to the betterment of the web3 creator ecosystem, steadfast in our belief that we should champion creators who are the heart and soul of the industry… Right now, it’s a priority to provide creatives with the support they deserve with creator royalty programs.”

Magic Eden ETH NFT Marketplace

Magic Eden and Yuga Labs reportedly started incubating their ETH marketplace sometime in August after OpenSea, one of the largest NFT marketplaces, made royalties optional, which the NFT projects criticized and condemned. Mark Cuban also criticized OpenSea’s move.

Yuga Labs and Magic Eden noted they had a clear stance despite other marketplaces turning their backs on creators. Magic Eden announced another partnership with the Pudgy Penguins NFT collection earlier this week to ensure its ecosystems remain a top choice for collectors and creators.