Hong Kong’s Animoca Brands has teamed up with NFT marketplace Magic Eden to launch a new platform dedicated to non-fungible tokens (NFTs).
This initiative comes amid rising concerns regarding the viability of NFT projects, as regulatory scrutiny and market volatility continue to escalate.
Animoca Brands Collaborates with Magic Eden
The partnership has birthed MagicMoca, a forthcoming NFT launchpad set to debut in Q3 2024. The platform will exclusively serve the Mocaverse community, granting access to select NFT projects. Launches will be available to holders of Moca NFTs, MOCA Coin, Moca IDs, and members of the Magic Eden community.
As per the announcement, MagicMoca will utilize the Moca Network, supporting NFT projects from Animoca Brands and its extensive portfolio of over 540 Web3 initiatives. MOCA Coin is set to be the transactional currency for NFT sales on both MagicMoca and Magic Eden.
Furthermore, Magic Eden will incorporate Mocaverse products, allowing Moca ID users to engage in prominent NFT launches and enhance their on-chain reputations, with NFTs acting as incentives for participation.
“Magic Eden will incentivize its millions of users to integrate with Moca Network by providing a Diamond boost when users purchase and/or list MagicMoca NFTs through its native Rewards program,” as mentioned in the announcement read.
Read more: 7 Top NFT Marketplaces to Explore in 2024
This announcement comes at a time when the success rates of NFT projects are being questioned. According to BeInCrypto, 96% of NFT projects are deemed inactive. Challenges such as NFT scams and wash trading aimed at generating artificial demand could hinder project success; however, MagicMoca’s launches, promoted as “high-quality NFT projects,” could potentially fare better.
“Together, Mocaverse and Magic Eden will leverage Mocaverse’s network effect and curate only the finest projects launching NFTs exclusively for both communities. Magic Eden is developing marketplaces compatible with various chains, and we are fully aligned in delivering complete interoperability to users through our new launchpad MagicMoca and the omni-chain MOCA Coin,” stated Mocaverse lead Kenneth Shek.
In a different context, Magic Eden is facing criticism from a segment of its user base concerning its recent domain restructuring, which has left US-based users in a precarious position.
This action was likely prompted by the US Securities and Exchange Commission (SEC) serving a Wells Notice to the OpenSea NFT marketplace, indicating that Magic Eden, which also caters to the US market, might be under scrutiny as well. BeInCrypto previously reported that the regulator has moved to categorize NFTs as securities.
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Moreover, Animoca Brands, a significant player in the cryptocurrency gaming and metaverse sectors, is also facing its share of challenges. The firm has a history of governance and accounting issues, resulting in its delisting from the Australian Securities Exchange (ASX). Nonetheless, Animoca Brands is slated to go public in Q1 2025.
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