Hong Kong-based Animoca Brands has partnered with NFT marketplace Magic Eden to introduce a new platform for launching non-fungible tokens (NFTs).
The move comes despite growing concerns about the future of NFT projects amid increasing regulatory scrutiny and market uncertainty.
Animoca Brands collaborates with Magic Eden
The collaboration has resulted in MagicMoca, a new NFT launch pad expected to launch in the third quarter of 2024. The platform will focus exclusively on the Mocaverse community and provide access to select 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 more than 540 Web3 companies. MOCA Coin will serve as the currency for NFT sales on both MagicMoca and Magic Eden.
Additionally, Magic Eden will integrate Mocaverse products, allowing Moca ID users to participate in key NFT launches and develop their reputation on-chain, with NFTs serving as an incentive 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 the native Rewards program,” an excerpt in the announcement read.
Read more: 7 Best NFT Marketplaces You Need to Know About 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 false demand posing as possible culprits for project success, MagicMoca’s launches advertised as ‘high-value NFT projects’ could yield better results.
“Together, Mocaverse and Magic Eden will leverage Mocaverse’s network effect and curate only the best projects, launching NFTs exclusively for both communities. Magic Eden is launching cross-chain compatible marketplaces, and we are fully aligned on providing users with full interoperability through our new launch platform MagicMoca and adopting the omni-chain MOCA Coin,” said Mocaverse leader Kenneth Shek.
Elsewhere, Magic Eden remains in conflict with a select group of users. They are slamming it for its recent domain restructuring, which landed the US-based company in filthy waters.
The U.S. Securities and Exchange Commission (SEC) likely kicked off the action with its Wells Notice to OpenSea NFT marketplace. This suggested that Magic Eden, which also serves the US market, could be next. As BeInCrypto reported, the regulator has decided to classify NFTs as securities.
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Likewise, Animoca Brands, a leading force in the cryptocurrency gaming and metaverse sectors, has also had its own share of commotion. The company has a history of governance and accounting problems, culminating in its delisting from the Australian Securities Exchange (ASX). Nevertheless, Animoca Brands has plans to go public in the first quarter of 2025.