Magic Eden launches venture unit to invest in web3 gaming startups

Magic Eden, the biggest non-fungible token (NFT) market on the Solana blockchain, has launched an funding arm to again the web3 gaming sector.

Asserting the information in an announcement on Tuesday, Magic Eden stated the brand new unit, Magic Ventures, will put money into web3 recreation builders and infrastructure builders. The agency believes that gaming has the potential to carry tens of millions of customers to the blockchain.

“The world of gaming is an enormous market that has simply began to enterprise into the world of web3,” Jack Lu, co-founder and CEO of Magic Eden, stated within the assertion. “We intend to deepen {our relationships} with each players and recreation builders alike to champion the way forward for video games on the blockchain.”

The launch of Magic Ventures comes lower than a month after Magic Eden raised $130 million in a Sequence B funding spherical at a $1.6 billion valuation. It’s unclear how a lot cash Magic Eden intends to park for its ventures unit and whether or not it has already invested in some startups. Lu didn’t reply to requests for remark by press time.

Magic Eden is just not new to gaming, having launched a internet hosting platform referred to as Eden Video games in March. Eden Video games claims to have launched greater than 50 video games and seen over 300,000 customers mint or commerce gaming-related NFTs on its market.

Given its give attention to web3 gaming, Magic Eden has immediately additionally introduced the appointment of Tony Zhao to go its enterprise unit. Zhao comes from Tencent Video games, the place he centered on investing in video games, buying gaming studios and forming strategic partnerships throughout the Tencent Video games portfolio.

Eden Video games stated it has lately finalized partnerships with numerous recreation builders, together with Aurory, Genopets, Mini Royale: Nations and Sugar Realm. Zhao plans to extend such partnerships for Magic Eden.

Apart from Zhao, Magic Eden has additionally introduced appointments of Yoonsup Choi, Harrison Chang and Matt Biamonte. The trio, specialised in gaming and NFTs, will advise and help recreation builders of their go-to-market technique.