Solana NFT Marketplace to Launch Gaming Venture

The number one NFT marketplace in the Solana ecosystem Magic Eden, recently raised around $130 million, instantly making it an NFT unicorn.

After the original raise no account of how the funds would be spent was made, but today Magic Eden revealed plans to create a gaming-centric division within the company.

Today the corporation announced Magic Ventures, an investment division focused on Web3 gaming. With this goal in mind, the company hired Tony Zhao, a former Chinese gaming Tencent exec, as the head of gaming investments.

Investments will be “purely strategic in nature,” said ZHAO in an interview with Decrypt, as well as providing whatever is needed by the developers of these new NFT-centric games, instead of always expecting to make a return on investment.

“We're not thinking about returns—never have and never will,” said Zhao. “It's just to align our partnership together, right? We truly want to be the go-to partners for these developers.”

If a developer signs with Magic Ventures, they will be folded into the Magic Eden ecosystem, which enables developers a launchpad for primary sales and a secondary marketplace after projects go live.

Magic Eden currently makes up 90% of Solanas's entire NFT market share, with Zhao stating that the goal is to help game developers become entranced in the Web3 world.

“Developers can focus on one thing that they know how to do, which is to build great games,” he explained. “We’ll help them to take care of all the Web3 elements and to help them onboard into the ecosystem.”

Developers are the individuals the NFT community will have to convince if they are to reach the goal of triple-A NFT games, akin to Call of Duty, for these people make the games, and decide if an idea can even work. More groups such as this one will only help to strengthen the community as more adopt the technology and begin to work within.