Magic Eden, the NFT marketplace on the Solana blockchain, has launched a new investment arm to support the web3 gaming industry.
Magic Eden announced that its new unit, Magic Ventures, will invest web3 game and infrastructure developers. The firm believes that games have the potential to bring millions of users to the blockchain.
Jack Lu, Magic Eden co-founder and CEO, said in a statement.
“The gaming world is a huge market that is just starting to get involved in the web3 world. We aim to deepen our relationship with both gamers and developers to champion the future of games on the blockchain.”
The launch of Magic Ventures comes after Magic Eden has raised $130 million in a $1.6 billion Series B funding round. It remains unclear how much money Magic Eden allocates for the venture.
Magic Eden announced that Tony Zhao has been appointed as the head of the new venture. Zhao is a name in the giant game company Tencent Games.
Magic Eden launched the Eden Games initiative last March.
