Solana NFT Marketplace’s Magic Eden has started a gaming venture arm
Magic Eden is the largest NFT marketplace in the Solana ecosystem, and it just got a war chest of capital that made it a crypto unicorn.
The most recent funding for Magic Eden a $27 million series round that was announced in March will be coming in just three months. Magic Eden's CEO and co-Founder Jack Lu told Decrypt that the company didn't want to ask for money so soon. but that its growing market share and NFT gaming footprint forced him to build up a war chest.
Magic Eden said:
"We didn't want to feel like we were short on resources and we wanted to grow over the next five to ten years."
Fractal a Solana NFT gaming platform from Twitch co-founder Justin Kan is Magic Eden's competitor in the gaming industry. Magic Eden aims to support NFTs on other Blockchain platforms.
COO and co-Founder Zhouxun Yin Said: "it's clear that we live in and will continue to live in a world with many chains" also he said that certain types of NFTs like games, art, and Music are gathering on certain blockchain platforms. Magic Eden didn't say which blockchain the marketplace plans to use yet.
However, the Solana ecosystem has shown a lot of signs of growth. Lu said about the growing number of ways that NFTs can be used on Solana, as well as the growing number of Ethereum NFT traders who are trying out the Solana market. also said that Solana's meta for NFT trading changes often with new trends popping up every few weeks to keep NFT collectors interested in any buying.
Furthermore, Magic Eden wants to expand to more blockchain platforms and the co-founders think the marketplace has a real chance of beating OpenSea, which Yin called more centralized and corporate compared to Magic Eden's more community-focused DAO-assisted approach.
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