Solana-Based NFT Marketplace Magic Eden Unveils Web3-Focused Venture Capital Fund

Prominent NFT marketplace – Magic Eden – has announced the launch of a new venture capital fund that will focus primarily on investments in Web3 games.

• According to the official press release, with the new gaming investments arm, called Magic Ventures, the company expects to tap the “next wave of creativity and innovation in Web3 gaming.”
• Tony Zhao, a former key member of Tencent Games, has been appointed as its Head of Gaming Investments
• Alongside the launch of the venture arm, Magic Eden also announced the expansion of its gaming division. Dubbed “Eden Games,” the San Francisco-based NFT marketplace will now fund its own games.
• As part of its expansion plans, Magic Eden has revealed onboarded new gaming leaders and forged new partnerships with game developers.
• Some of its finalized partnerships include Aurory, Genopets, Mini Royale: Nations, Nekoverse, Remnants, Yaku, Halfwish, VBA, and Sugar Realm.
• The CEO of the company, Jack Lu, commented,

“The world of gaming is a massive market that has just started to venture into the world of Web3. We intend to deepen our relationships with both gamers and game developers alike to champion the future of games on the blockchain.”

• The Solana-based NFT marketplace notched a place in the unicorn’s league in less than a year since its inception.
• Just last month, Magic Eden raised $130 million in Serial B round of funding that was co-led by Electric Capital and Greylock, which pushed its valuation to $1.6 billion.