Hong Kong-based Animoca Brands has partnered with NFT marketplace Magic Eden to introduce a new platform for launching non-fungible tokens (NFTs).
This move comes despite growing concerns over the future of NFT projects amid increasing regulatory scrutiny and market uncertainty.
Animoca Brands Partners With Magic Eden
The collaboration has resulted in MagicMoca, a new NFT launchpad expected to launch in Q3 2024. The platform will cater exclusively to the Mocaverse community, offering access to selected NFT projects. These launches will be available to holders of Moca NFTs, MOCA Coin, Moca IDs, and members of the Magic Eden community.
According to the announcement, MagicMoca will leverage the Moca Network, channeling NFT projects from Animoca Brands and its portfolio of over 540 Web3 ventures. MOCA Coin will serve as the currency for NFT sales on both MagicMoca and Magic Eden.
Additionally, Magic Eden will integrate Mocaverse products, enabling Moca ID users to participate in significant NFT launches and develop their on-chain reputations, with NFTs serving as incentives for participation.
“Magic Eden will incentivize its millions of users to integrate with Moca Network by offering a Diamond boost when users purchase and/or list MagicMoca NFTs through its native Rewards program,” an excerpt in the announcement read.
Read more: 7 Best NFT Marketplaces You Should Know in 2024
This development comes despite the success rate of NFT projects coming under scrutiny. As BeInCrypto reported, 96% of NFT projects are considered dead. With challenges such as NFT scams and wash trading to create fake demand presenting as possible culprits to project success, MagicMoca’s launches, advertised as “high-quality NFT projects,” could yield better results.
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