Magic Eden launches Magic Ventures to focus on Web3 gaming investments

Magic Eden launches Magic Ventures to focus on Web3 gaming investments

Published: 12-07-2022 16:11:11 | By: Pie Kamau | hits: 4379 | Tags:

Magic Eden, the destination for NFTs, announced the launch of Magic Ventures, a venture arm that will focus on investing in Web3 games. Alongside the launch of Magic Ventures, the Company also announced the expansion of its gaming division, Eden Games, through the onboarding of several key hires and new partnerships.

Web3 games will be an on-ramp for millions of users to blockchain, but gaming and metaverse projects remain in their nascent stage. The launch of Magic Ventures and the appointment of Tony Zhao as its Head of Gaming Investments will allow Magic Eden to invest in promising games and gaming infrastructure, which will bolster the growth of Web3 gaming. Prior to joining Magic Eden, Tony was a key member of the Business Development and Investment team for Tencent Games, where he focused on investing in up-and-coming games, acquiring world-class studios, and forming strategic partnerships across the entire Tencent Games portfolio.

Jack Lu, CEO, Magic Eden: "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."

Tony joins Yoonsup ChoiHarrison Chang, and Matt Biamonte, who all bear deep knowledge in Web3 games through their respective backgrounds in professional gaming and Esports. Yoonsup and Harrison are championship-caliber former League of Legends and Fortnite players; and along with Matt, have all individually launched NFT projects. The trio's intimate knowledge of both traditional gaming and NFTs will provide developers the dedicated advisory and operational support needed for go-to-market success.

Alongside the establishment of gaming investments arm Magic Ventures, Eden Games has also finalized partnerships to power marketplaces for games including, but not limited to, Aurory, Genopets, Mini Royale: Nations, Nekoverse, Remnants, Yaku, Halfwish, VBA, and Sugar Realm. Magic Eden intends to continue building out a suite of essential tooling and services for games to enable developers to focus on building gameplay, rather than worrying about blockchain tech.

Mr. Lu continued, "With the hiring of Tony, Harrison, Yoon, and Matt, we are building a strong foundation from which we can continue to collaborate 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."

Eden Games has ushered in over 50 games and seen over 310,000 users mint or trade gaming-related NFTs on the Company's marketplace. Since inception, the marketplace has seen 21.2M SOL traded on secondary markets. In June, Magic Eden represented over 92% of all gaming NFTs traded on Solana. Magic Eden is excited to build the top Web3 gaming-compatible NFT platform enabling game developers to execute on their project vision and players to discover new games and connect across other digital cultures.