Solana-based NFT marketplace Magic Eden is expanding its efforts towards Web3 games. The company has launched a new fund called Magic Ventures to develop blockchain gaming infrastructure and invest in potential blockchain games.
Magic Eden wants to build a blockchain gaming ecosystem. In this direction, investments will be made in the internal game studio called Eden Games, as well as Magic Ventures. New hires and partnerships are planned for the studio. The first prominent recruit was Tony Zhao, a longtime VP of Business Development and Investment at Tencent. Zhao has been appointed Head of Gaming Investments at Eden Games.
In addition, experienced names in the esports and game industry such as Yoonsup Choi, Harrison Chang, and Matt Biamonte joined Eden Games.
Eden Games Genopets has built blockchain marketplaces and formed strategic partnerships for many projects, including Mini Royale: Nations, Remnants, and Aurory. The company will also continue to expand this partnership portfolio.
Magic Ventures’ investment budget was not disclosed. In an interview with GamesBeat, Zhao said:
“This is part of a package bundle to help developers make sure that they can have the best support from us in building their games. We’re not a VC fund. The purpose of this fund is not to make bets. It is to support and grow the Web3 ecosystem overall. We’re going to partner with the developers to make them feel comfortable working with us.”
Magic Eden CEO Jack Lu added the following regarding the hiring for Eden Games:
“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.”
Investments by Magic Ventures can be a life saver, especially for Solana-based Web3 games. Today, many blockchain-based games are produced, and unfortunately, a significant number of them fail before they reach the players. There are many factors that cause this situation. What is relevant to our subject is the lack of investment and funds. The number of capital companies investing in Web3 is not very high yet. Magic Ventures can achieve great things in such an environment.