August 9, 2022

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Magic Eden launches Magic Ventures fund for Web3 video games

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Magic Eden has introduced Magic Ventures, a brand new mission capital fund that may focal point on investments in Web3 video games.

San Francisco-based Magic Eden is a community-focused market for non-fungible tokens (NFTs), and now it’ll fund its personal video games. On best of that, the corporate could also be increasing its personal inside gaming department, Eden Video games.

It has additionally employed new gaming leaders and shaped new partnerships with recreation builders. Whilst blockchain video games had been arguable, Magic Eden believes Web3 video games can be an on-ramp for thousands and thousands of customers to make use of blockchain, the clear and safe virtual ledger.

The release of Magic Ventures and the appointment of Tony Zhao as its head of gaming Investments will permit Magic Eden to put money into promising video games and gaming infrastructure, which can bolster the expansion of Web3 gaming, the corporate stated.

“The fund is just one a part of our way to lend a hand builders within the Web3 ecosystem,” stated Zhao in an interview with GamesBeat. “We’re offering finish to finish answers, which incorporates our launchpad for NFT minting, our pockets answers, recreation market answers, and one day cross-chain answers. This fund is only one method to reinforce superb builders and to lend a hand them prevail.”

Previous to becoming a member of Magic Eden, Zhao used to be a key member of the industry building and funding staff for Tencent Video games, the place he serious about making an investment in up-and-coming video games, obtaining world-class studios, and forming strategic partnerships throughout all of the Tencent Video games portfolio.

Zhao stated the corporate isn’t disclosing how giant the Magic Ventures fund is. He did say the corporate isn’t taking pictures for a prime charge of go back. Slightly, it desires to help in making its companions a hit.

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“This is a part of a bundle package to lend a hand builders be sure that they may be able to have the most productive reinforce from us in construction their video games,” Zhao stated. “We’re now not a VC fund. The aim of this fund isn’t to make bets. It’s to reinforce and develop the Web3 ecosystem general. We’re going to spouse with the builders to lead them to really feel at ease operating with us.”

The corporate has pageant like Justin Kan’s Fractal, however Magic Eden is the chief when it comes to transactions at the Solana blockchain.

Tiffany Huang, head of content material and advertising at Magic Eden, stated in an interview with GamesBeat that the corporate accounts for 90% of NFTs bought on Solana, and Magic Eden not too long ago raised $130 million in a investment spherical that valued Magic Eden at $1.6 billion. Magic Eden has a platform launchpad to marketplace inaugural NFTs, and it has a storefront for secondary NFT buying and selling, the place avid gamers and different customers can promote their NFT collections.

Magic Eden has greater than 10,000 collections indexed, and it has introduced just about 300 initiatives.

“We consider that gaming would be the subsequent giant vertical on Web3 for NFTs, Huang stated.

Magic Eden is launching Magic Ventures.

Jack Lu, CEO of Magic Eden, stated in a observation, “The sector of gaming is an enormous marketplace that has simply began to mission into the arena of Web3. We intend to deepen {our relationships} with each players and recreation builders alike to champion the way forward for video games at the blockchain. With Magic Ventures, we’re excited to put money into the following wave of creativity and innovation in Web3 gaming.”

Zhao joins Yoonsup Choi, Harrison Chang, and Matt Biamonte, who all have backgrounds in skilled gaming and esports. Choi and Chang are championship-caliber former League of Legends and Fortnite avid gamers and, together with Biamonte, have all in my opinion introduced NFT initiatives.

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The trio’s intimate wisdom of each conventional gaming and NFTs will supply builders the devoted advisory and operational reinforce wanted for go-to-market good fortune, the corporate stated.

Zhao stated he used to be drawn to Magic Eden and Magic Ventures as it represented the chance to construct one thing new at an early level. He stated that whilst Web3 video games can’t compete as of late with conventional video games like Halo or Name of Accountability, they nonetheless have the opportunity of enlargement on account of new applied sciences that they’re tapping.

“The following giant Web3 video games don’t seem to be going to seem like conventional video games,” he stated. “I’m on the lookout for new reviews for avid gamers the use of Web3 going ahead.”

Along the established order of gaming investments arm Magic Ventures, Eden Video games has additionally finalized partnerships to energy marketplaces for video games together with, however now not restricted to, Aurory, Genopets, Mini Royale: Countries, Nekoverse, Remnants, Yaku, Halfwish, VBA, and Sugar Realm.

The big blockchain deals of Q1 2022 in games.
The massive blockchain offers of Q1 2022 in video games.

Magic Eden intends to proceed construction out a collection of crucial tooling and services and products for video games to allow builders to concentrate on construction gameplay, slightly than being worried about blockchain tech. Huang stated that Magic Eden has an in depth courting with its creators, and it has emphasised the construction of gear such because the launchpad for creators.

“With the hiring of Tony, Harrison, Yoon, and Matt, we’re construction a powerful basis from which we will proceed to collaborate with thrilling innovators within the Web3 gaming ecosystem,” Lu stated. “Eden Video games is a fast-growing sector of our industry and we’re excited to proceed its building.”

Eden Video games has ushered in over 50 video games and observed over 310,000 customers mint or industry gaming-related NFTs at the corporate’s market. Since its inception, {the marketplace} has observed 21.2 million SOL (price just about $2 billion) traded on secondary markets because it introduced in September 2021. The corporate has greater than 100 workers.

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In June, Magic Eden represented over 92% of all gaming NFTs traded on Solana. Magic Eden is worked up to construct the highest Web3 gaming-compatible NFT platform enabling recreation builders to execute on their undertaking imaginative and prescient and avid gamers to find new video games and attach throughout different virtual cultures.

Huang stated Magic Eden doesn’t permit “wash buying and selling,” the place customers promote to themselves to hype an NFT sooner than unloading it, as Magic Eden doesn’t incentivize such conduct. The corporate additionally displays content material and verifies NFT collections in an try to reduce fraud the place perpetrators promote pretend model of NFTs.

The corporate has signed greater than 10 white-label market agreements with other collections to construct customized marketplaces. Crypto markets have tanked in recent times.

Zhao stated it takes 3 to 5 years to make cast video games and so the corporate isn’t on the lookout for a right away go back. That suggests it isn’t fearful in regards to the crypto iciness that has set in with the most recent cryptocurrency marketplace crash.

“For us, it doesn’t topic if it’s endure marketplace or now not,” Zhao stated. “We see this as a long-term guess. Irrespective of marketplace stipulations, a good-quality recreation will all the time in finding customers, in finding fans. That’s the wonderful thing about our trade.”

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