Magic Eden launches Magic Ventures fund for Web3 games
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Magic Eden has launched Magic Ventures, a new venture capital fund that will focus on investments in Web3 games.
San Francisco-based Magic Eden is a community-focused marketplace for non-fungible tokens (NFTs), and now it will fund its own games. On top of that, the company is also expanding its own internal gaming division, Eden Games.
It has also hired new gaming leaders and formed new partnerships with game developers. While blockchain games have been controversial, Magic Eden believes Web3 games will be an on-ramp for millions of users to use blockchain, the transparent and secure digital ledger.
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 Web3 gaming, the company said.
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“The fund is only one part of our solution to help developers in the Web3 ecosystem,” said Zhao in an interview with GamesBeat. “We are providing end to end solutions, which includes our launchpad for NFT minting, our wallet solutions, game marketplace solutions, and in the future cross-chain solutions. This fund is just one way to support amazing developers and to help them succeed.”
Prior to joining Magic Eden, Zhao was a key member of the business development and investment team for Tencent Games, where he
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