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Magic Eden Announces New Web3 Venture Capital Fund

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Magic Eden just announced the launch of “Magic Ventures” – a new venture capital fund that will focus on investments in web3 games. The company has also revealed the hire of Tony Zhaoas as its new head of gaming investments. Tony previously worked at the Chinese gaming giant Tencent. Magic Ventures is aiming to make strategic investments and onboard developers into web3 via Magic Eden’s infrastructure. 

Magic Eden recently raised $130 million in a funding round that valued the company at $1.6 billion. They are most well-known for their launchpad to market NFTs – as well as a storefront for secondary NFT trading, where players and other users can sell their NFT collections. 

The company is also expanding its own internal gaming division – called Eden Games. Eden Games has already finalized partnerships to power marketplaces for games including, but not limited to, Aurory, Genopets, Mini Royale: Nations, Nekoverse, Remnants, Yaku, Halfwish, VBA, and Sugar Realm.

Magic Eden stated that they intend to continue building out a suite of essential tooling and services for games to enable developers to focus on building gameplay, rather than worrying about blockchain tech. 

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