Animoca Brands teams up with Magic Eden for new NFT launchpad

Hong Kong-based Animoca Brands has joined forces with NFT marketplace Magic Eden to launch a new platform called MagicMoca, designed for the launch of non-fungible tokens (NFTs).

This collaboration is focused on bringing high-quality NFT projects to the Mocaverse community, navigating through the ongoing challenges and growing regulatory scrutiny in the NFT market.

The MagicMoca launchpad is scheduled to debut in Q3 2024 and will concentrate on curated NFT projects in sectors such as gaming, sports, and intellectual property (IP).

The platform will be exclusive to holders of Moca NFTs, MOCA Coin, Moca IDs, and members of the Magic Eden community, with MOCA Coin (CRYPTO:MOCA) being the primary currency for NFT transactions on both MagicMoca and Magic Eden.

Magic Eden will integrate Mocaverse products, allowing Moca ID users to take part in significant NFT launches and build their reputations on-chain.

As part of the integration, Magic Eden will offer a "Diamond boost" in its Rewards program to incentivize users who buy or list MagicMoca NFTs.

Kenneth Shek, the lead for Mocaverse, noted that the partnership is designed to utilize their combined network to curate top-tier projects for both communities.

However, the NFT market faces substantial challenges, with many projects becoming inactive due to issues such as scams and wash trading.

MagicMoca aims to tackle these concerns by focusing on high-quality NFT projects that can generate genuine interest and active participation.

This partnership also comes at a time of regulatory uncertainty, especially in the United States, where the Securities and Exchange Commission (SEC) has issued a Wells Notice to OpenSea, suggesting that NFTs might be regulated as securities.