Animoca Brands Partners With Magic Eden to Introduce New NFT Launchpad MagicMoca

The collaboration has resulted in MagicMoca, a new NFT launchpad expected to launch in Q3 2024.

Hong Kong-based Web3 company Animoca Brands has announced a partnership with NFT marketplace Magic Eden to launch a new platform for launching non-fungible tokens (NFTs). This collaboration aims to combine the strengths of both platforms, offering a curated selection of NFT projects to a wide community.

The partnership will see the creation of MagicMoca, a new NFT launchpad set to launch in Q3 2024. This platform will be dedicated to the Mocaverse community, providing access to a pipeline of handpicked NFT projects. Launches on MagicMoca 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 integrate with the Moca Network, channeling NFT projects from Animoca Brands and its portfolio of over 540 Web3 ventures. MOCA Coin will be used as the currency for NFT sales on both MagicMoca and Magic Eden.

Furthermore, Magic Eden will integrate Mocaverse products, allowing Moca ID users to participate in major NFT launches and build their on-chain reputation, 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.

This development comes amid increasing concerns over the success rate of NFT projects. As BeInCrypto reported earlier this year, 96% of NFT projects are now considered dead. With challenges like 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.

“Together, Mocaverse and Magic Eden will tap into Mocaverse’s network effect and curate only the best projects launching NFTs exclusively for both communities. Magic Eden is launching marketplaces compatible with different chains, and we’re fully aligned to bringing full interoperability to users through our new launchpad MagicMoca and adopting the omni-chain MOCA Coin,” said Mocaverse lead Kenneth Shek.

Meanwhile, Magic Eden continues to face backlash from a certain faction of users over its recent domain restructuring, which left US-based users in hot water. This action was likely prompted by the SEC’s Wells Notice to OpenSea NFT marketplace, suggesting that Magic Eden, which also serves the US market, could be next. As BeInCrypto reported, the regulator is moving to classify NFTs as securities.

On the other hand, Animoca Brands, a leading force in the cryptocurrency gaming and metaverse sectors, also has its own share of clamor. The firm has had previous troubles with governance and accounting issues, culminating in its delisting from the Australian Securities Exchange (ASX). Despite this, Animoca Brands has plans to go public in Q1 2025.