The new venture arm comes weeks after Magic Eden raised $130 million in a Series B round that valued the young startup as a crypto unicorn. Back then, the company revealed that part of the funds would be used to ramp up its efforts in the NFT gaming market.
Magic Eden has named Tony Zhao, a former employee of Chinese gaming giant Tencent as its new head of gaming investments.
Zhao told reporters that Magic Ventures will pursue investments that are “purely strategic in nature.” Furthermore, the new unit will prioritize supporting developers of NFT-based video games, as opposed to approaching investments with the goal of making returns.
“We’re not thinking about returns—never have and never will […] It’s just to align our partnership together, right? We truly want to be the go-to partners for these developers,” Zhao told Decrypt.
According to announcements, when Magic Ventures onboards a new developer, the developer will have access to an ecosystem that offers both a launchpad for primary sales of new NFTs and a secondary marketplace for ongoing sales.
Meanwhile, Magic Eden’s gaming division announced that it had collaborated with several Solana games, including Aurory, Genopets, and Mini Royale: Nations to facilitate in-game NFT marketplaces. Once launched, players will be able to trade NFTs within the games without exiting to an external marketplace.
Continue reading on BTC Peers
Source: Cryptocurrency - investing.com
