The traditional gaming industry has been revolutionized with the introduction of Web3 technology. With multiple formats of blockchain games all over the space, gamers and crypto enthusiasts have embraced the new concept and started using it widely.
The NFT sector has also grown significantly due to the contribution of the popularity of blockchain games over the past few months. During the last bull run in 2021, Web3 gaming was considered one of the most successful and profitable sectors in the entire blockchain industry.
Naturally, several large corporations and institutional investors were included. Everyone was interested in having a significant piece of the pie for themselves, thanks to which the crypto industry has seen a decent increase in projects backed by huge venture capital funds.
Since last year, several companies have invested heavily in such projects as the crypto market faced a major correction. This has allowed investor organizations to realize massive returns as market conditions improve. The introduction and popularity of the metaverse concept is also a major reason for the high participation seen by these organizations.
This is exactly the direction Magic Eden has decided to go. The company recently announced and launched a VC cryptocurrency fund for projects in the web3 gaming sector called Magic Ventures.
What is Eden Magic?
Founded by Ahmed Irshad, Magic Eden launched in 2021 and is headquartered in San Fransisco, CA. The team behind Magic Eden boasts of some of the most experienced and talented minds in the tech industry. Since its development, Magic Eden has been very popular and successful.
The project claims to be a community-centric platform that operates solely in the best interest of its community. This is an NFT Marketplace built on Solana and is constantly striving to become a one stop destination for all things NFT.
From discovering the best works of art to creating and exchanging them, Magic Eden is currently one of the best platforms in the space. It has over 8000 NFT collections and over 22 million average monthly unique visitors. Major investors include names such as Greylock Partners, Lightspeed Venture Partners, Electric Capital, Paradigm and Sequoia Capital.
“A Deeper Focus on Web3 Games”
Magic Eden had recently announced its intention to set up a venture capital fund and managed to fulfill its promise on July 12 this year. The project intends to create the organization as a separate entity from the current platform at some level. This Magic Eden company is called Magic Ventures and will soon be actively participating in the blockchain world.
The platform is intended to focus on Web3 games and their growth. The platform will support quality game projects to help the Web3 game ecosystem grow massively. Magic Ventures has appointed Tony Zhao as Head of Game Investments, based on his extensive investment experience.
Magic Ventures claimed that it intends to not only help promising game projects, but also provide them with various opportunities to thrive. This is to be made possible by allowing them access to the Magic Eden launch pad for NFT minting, game market and wallet solutions etc.
Zhao said the company not only wants to create huge returns, but also meet the needs of its investors and the community at large. Currently valued at around $1.6 billion, Magic Eden also plans to expand.
Another leader of the organization said that he thinks that the game will be a crucial part of Web3 in the NFT field and will eventually grow at a rapid pace. Magic Eden has also hired several other experts to help grow the venture capital fund and the overall organization.
As a platform that facilitates over 92% of all NFT transactions on Solana, Magic Eden believes that it will be able to make a strong contribution to building the entire web3-based gaming industry. The CEO of the acclaimed NFT platform added that while the market conditions were bearish, it had nothing to do with the growth of the project as they were fully focused on long-term construction.
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