Magic Eden Dives Into Web3.0 Investments With Magic Venture

Popular Solana non-fungible token (NFT) marketplace, Magic Eden has enlarged its services in Web3.0 gaming by launching its own venture investment arm, Magic Ventures. The newly introduced investment arm will focus totally on Web3.0 gaming.

Already, Magic Eden controls over 90% of daily NFT purchases on the Solana network. The marketplace is capable of minting about 50,000 Solana-based NFTs daily. On its platform, the marketplace already listed 34 blockchain games including Genopets, Nekoverse, Remnants, Sugar Realm, and Aurory with over 430,000 subscribers per month. Still, Plans are in place to onboard several other blockchain creators and gaming projects. 

Recently, Magic Eden attained the status of a crypto unicorn after raising $130 million in a Series B round and reaching a valuation of $1.6 billion. The funding round enjoyed joint participation from investors Electric Capital and Greylock. It was supported by some other investors including Lightspeed Venture Partner, a VC firm that recently raised $7 billion for multistage funding.

The startup intended to use the funds generated at the time to upscale its primary and secondary marketplace. Also, it planned to use the fund to expand its NFT gaming collections. New hires and partnerships will be scouted for as additions to enhance the expansion.

Magic Eden Recruits More Hires for Magic Venture

Presently, Tony Zhao, founder, and CEO of online video and voice communication platform Agora and Magic Eden’s co-founder have been named as the new head of Magic Ventures. He will lead the newly spun offshoot to achieve the mission of the company. Zhao will work alongside Web3.0 gaming gurus; Yoonsup Choi, Harrison Chang, and Matt Biamonte.

These gaming experts have amassed a wealth of knowledge and skill in their fields. Both Yoonsup Choi and Harrison Chang are championship-caliber former League of Legends and Fortnite players.  All three of them have also launched their various NFT projects.

Before now, Zhao had worked on the Business Development and Investment team for Tencent Games. At the time, his job description covered investments in upcoming games, acquisition of world-class studios, and creating strategic collaboration deals for Tencent Games.

In a statement, Zhao noted that the launch of the investment venture is not for returns. Instead, Magic Ventures will approach investments with the aim of supporting developers of NFT-powered video games.