Magic Eden launches venture arm focused on Web3 gaming

Magic Eden, a leading NFTs marketplace focused on bringing Web3 gaming to the masses, has announced a new venture arm targeted at pushing Web3 games and developer solutions to the next level of adoption.

Dubbed “Magic Ventures”, the project aims to provide investment and infrastructural incentives to gaming platforms and studios as they eye further growth in the Web3 gaming ecosystem.

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Magic Eden has appointed Tony Zhao, a former Tencent Games employee tapped from the Chinese tech giant’s Business Development and Investment division. Zhao will lead the Magic Ventures’ Gaming Investments team.

Zhao joins NFT and Web3 games experienced Yoonsup Choi, Harrison Chang, and Matt Biamonte in the Magic Ventures booth, according to a press release the company published on Tuesday.

In a comment on the development and what it means for the company and for the gaming ecosystem, Magic Eden CEO Jack Lu said:

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. With Magic Ventures, we are excited to invest in the next wave of creativity and innovation in Web3 gaming.”

Expansion through hires and partnerships

Magic Eden, which launched in September 2021, has seen massive growth over the past several months. Eden Games has seen over 50 games with more than 300k users minting or trading NFTs on the Solana-based marketplace.

In June, the platform accounted for 92% of gaming NFTs traded on the Solana blockchain. The team is thus looking to seize on the opportunity provided by the crypto winter to build its brand further.

Apart from hiring new talent, the firm has sealed several new partnerships to help boost growth within the ecosystem. These include collaborations with Mini Royale: Nations, Aurory, Genopets, VBA, Nekoverse, Remnants, and Yaku among other gaming marketplaces and platforms.