Solana NFT Marketplace Launches Magic Eden Gaming Venture Arm

Briefly

  • Magic Eden, the top Solana NFT marketplace, has launched a Web3 gaming investment arm.
  • Magic Ventures aims to make strategic investments and place developers on Web3 through Magic Eden’s infrastructure.

Magic Eden is the greatest NFT market place to the left ecosystem and recently raised a war fund valued this young startup as a crypto unicorn.

Now we know how the firm spent some of that money: it launched a gaming-centric investment arm.

Today, the firm announced Magic Ventures, a venture investment arm that will focus specifically on: Web3 the game. To continue this mission, the company has hired Tony Zhao of former gaming giant Tencent as its new head of games investments.

Zhao told decrypt He said Magic Ventures’ investments will be “purely strategic” and will provide support to developers of NFT-backed video games rather than approaching investments in anticipation of a return on funds.

“We don’t think about returns – it never happened and we never will,” said Zhao. “Just to get our partnership together, right? We really want to be partners for these developers.”

Once Magic Ventures has signed with game developers, they will tap into a Magic Eden ecosystem that offers a launching pad for primary sales of new NFTs and a secondary market for ongoing sales. Solana based marketplace currently Gives 90% or more commands Solana’s entire NFT market share. Zhao said the goal is to make it easier for game makers to enter the Web3 ecosystem.

“Developers can focus on one thing they know how to do, and that’s creating great games,” he said. “We’ll help them take care of all the Web3 stuff and get them involved in the ecosystem.”

Zhao said that Magic Ventures has already made some investments, but will not disclose which projects or ventures it has invested in.

He added that there is no fixed figure in terms of the total amount of dollars to be invested between projects, and that the typical size of investment is “pretty small” given its strategic nature.

“We are not here to finance all development. [of games]”Our added value is not capital – all these infrastructure solutions and an NFT experience that no one else in the market can provide.”

Game developers meet Web3

Along with its venture arm, Magic Eden’s Eden Games division announced that it has reached an agreement with the makers of several Solana games. aurory, Mini Royale: Nationsand Genopets—to strengthen in-game NFT marketplaces for each. Once released, players will be able to buy and sell NFTs within each game without the need to go to an external market.

It is designed to be a hassle-free process for gamers, especially those who do not know how to handle a crypto wallet and self-storage assets. The infrastructure is given to developers so they don’t have to build integrations from scratch, Zhao said.

NFTs are blockchain tokens that represent ownership of an item such as artwork, collectibles, and interactive video game items. On the playground, NFTs can represent things like unique weapon designs, character avatars, and customizable virtual terrains.

As mentioned, Magic Eden has recently become the crypto unicorn with a valuation of over $1 billion. Company Raised $130 million last month With a valuation of $1.6 billion, just nine months after its founding.

The NFT marketplace plans to support additional blockchain platforms beyond Solana in the future, although no specific chain has been announced.

Magic Eden takes on the NFT competition

Magic Eden’s increased focus on Web3 games puts it in direct competition with Fractal. game-centric Solana NFT marketplace Justin Kan is also the co-founder of video game streaming platform Twitch.

While fractal focuses solely on interactive gaming assets, Magic Eden also supports profile pictures and other NFT asset types.

Zhao said that both Magic Eden and Fractal are focused on growing the Web3 playground, but he believes Magic Eden offers more comprehensive solutions to launch and support Solana-based games, and the results support his confidence.

“We both want to expand the ecosystem. For game developers, we show them the data, right? “It’s up to them to decide who they will choose in the end,” he said. “The results informed the developers that there is a good reason to partner with us instead of Fractal.”

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