- The venture will solely focus on the support and development of Web3 gaming.
- Developers won’t have to build out NFT integrations from scratch.
NFT marketplace Magic Eden just raised a cash reserve valuing it as a crypto unicorn, making the business the biggest in Solana’s ecosystem. The company has created a gaming-focused investment arm to use part of that capital.
Today, the company unveiled Magic Ventures, a venture financing division concentrating only on Web3 gaming. The business has appointed Tony Zhao, a former Tencent executive, as its new head of gaming investments.
In-game NFT Marketplace Development
“Strategic in nature,” Magic Ventures’ investments will focus on supporting the development of NFT-powered video games rather than looking for a return on the monies invested.
As soon as a game creator joins the Magic Ventures ecosystem, they can access both the primary and secondary marketplaces for NFT sales. The marketplace controls over 90% of Solana’s NFT market share in Solana. Zhao said that the aim is to make it easier for game developers to become involved in the Web3 ecosystem.
But Zhao refused to divulge which projects or businesses Magic Ventures had invested in. Given the strategic nature of the investments, he said, the standard investment size is “pretty small,” but there is no predetermined cash amount.
Aurory, Mini Royale: Nations and Genopets are among the Solana games with which Magic Eden’s Eden Games subsidiary has partnered to enable in-game NFT markets. In-game NFT trading will be available without the requirement for a third-party marketplace once it is introduced.
The procedure is meant to be as simple as possible for individuals who have never dealt with a crypto wallet or self-custody assets. According to Zhao, that infrastructure is supplied to developers, so they don’t have to build out integrations from scratch.
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