Solana NFT Marketplace Magic Eden Launches Venture Capital Fund for Web 3 Games

Magic Eden, the largest non-fungible token (NFT) marketplace on the Solana blockchain, has launched an investment arm to back the Web 3 gaming sector. Announcing the news in a statement on Tuesday, Magic Eden said the new unit, Magic Ventures, will invest in Web 3 game developers and infrastructure builders. The firm believes that gaming has the potential to bring millions of users to the blockchain. Tony Zhao, a former key member of Tencent Games, has been appointed as its Head of Gaming Investments.

“The world of gaming is a massive market that has just started to venture into the world of Web 3,” Jack Lu, co-founder and CEO of Magic Eden, said in the statement. “We intend to deepen our relationships with both gamers and game developers alike to champion the future of games on the blockchain.”

The launch of Magic Ventures and the appointment of Tony Zhao as its head of gaming investments will allow Magic Eden to invest in promising games and gaming infrastructure, which will bolster the growth of Web 3 gaming, the company said.

Tony Zhao is also joined by Yoonsup Choi, Harrison Chang, and Matt Biamonte, who all bear deep knowledge in Web 3 games through their respective backgrounds in professional gaming and eSports. Yoonsup Choi and Harrison Chang are former League of Legends and Fortnite players, while Biamonte, have all individually launched NFT projects.

“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 Web 3 gaming ecosystem. Eden Games is a fast-growing sector of our business and we're excited to continue its development,” added Jack Lu commenting on the new additions to the Magic Ventures team.

The launch also arrives less than a month after Magic Eden raised $130 million (roughly Rs. 1,035 crore) in a Series B funding round at a $1.6 billion (roughly Rs. 12,737.5 crore) valuation. It is unclear how much money Magic Eden intends to park for its ventures unit and whether it has already invested in some startups.