Magic Eden Launches Venture Funds For Web3 Games
Magic Venture will be headed by gaming veterans like Tony Zhao, Yoonsup Choi, Matt Biamonte, and Harrison Chang. The fund will support Web3 games and aid the brand's global expansion plans.
Magic Eden, the San Francisco-based, community-oriented NFT Marketplace, has launched its venture capital arm, Magic Venture. With this strategy, the Venture will fund its Web3 games while the company continues to expand its internal gaming ecosystem, Eden games.
Tony Zhao’s Inclusion
The company has hired veteran leaders, and one of such is Tony Zhao, who will head the gaming investment arm. It will also continue to seek partnerships and collaboration to foster its interest in web3 games.
Zhao was a core business and investment team member for Tencent Games. In a recent interview, he said the company would not reveal specific details about the extent of Magic ventures.
“This is part of the package bundle to help developers make sure that they can have the best support from us in building their games. We are not a VC fund. The purpose of this fund is not to make bets. It is to support and grow the Web3 ecosystem overall. We will partner with the developers to make them feel comfortable working with us.”
Additional Veteran Leaders
Although the company faces stiff competition from rivals like Fractal, it ranks first in the number of transactions on the Solana network.
Apart from Zhao, Yoonsup Choi, Matt Biamonte, and Harrison Chang, veterans in gaming and esports will also join the team. Their knowledge and wealth of experience will bring new developments and fast-track the growth of Magic Eden.
CEO of Magic Eden, Jack Lu, said,
“With the hiring of Tony, Harrison, Yoon and Matt, we are building a strong foundation from which we can continue collaborating with exciting innovators in the Web3 gaming ecosystem. Eden Games is a fast-growing sector of our business, and we’re excited to continue its development.”
Magic Eden continues to lead the forefront of NFT Marketplace. In June, it recorded 90% of all the sales on Solana. Eden Games has also published 50 games, launched close to 300 projects, and seen over 10,000 listed collections.