Solana NFT marketplace launch Web3 gaming fund
One of the leading Solana NFT marketplaces, Magic Eden, has announced a venture capital fund focusing on web3 games. The marketplace is looking to expand in the web3 games as it has launched an investment arm.
Magic Eden is a Solana NFT marketplace that recently became a crypto unicorn startup. It's worth reached more than $1.6 billion. Now, the marketplace is preparing for expansion as it will focus on web3 games. The platform has announced a venture capital fund specifically for web3 games.
What's the gaming VC fund for Solana NFT marketplace Magic Eden for?
A venture capital fund is a pool of investments of small or medium-sized companies or startups. It is used to organise and regulate all the funds for the company's growth. Magic Eden, a growing startup that deals in Solana NFTs, has also announced a venture capital fund.
According to the press release, the company has named the recently launched investment arm Magic Ventures, which is dedicated to web3 games. In addition, it will also scale up its gaming subsidiary, Eden games, through it.
The company has diversified its team by onboarding several experienced game developers. Moreover, the company has established new partnerships with various gaming leaders.
Tony Zhao, the head of gaming investments at Magic Eden
Besides, Magic Eden has appointed Tony Zhao as the gaming investments head. Zhao is a prominent name in this industry as he was associated with the leading Chinese game company, Tencent.
It is expected that the appointment of Tony Zhao will help Eden games to develop its portfolio. Zhao will be working on developing web3 game infrastructures which can turn this Solana NFT market into a promising web3 games startup.
In other news, Shanghai has developed a five-year plan that includes policies for crypto, NFTs, and also web3. Moreover, a leading video game enterprise, GameStop, has introduced its own marketplace for NFTs. Learn more about cryptocurrency, NFT, and blockchain-related news on Moni Talks.
Author: Wasay Ali
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