Looking back on the NFT marketplace Magic Eden | Chain Reaction Podcast

01 Mar 2024 (8 months ago)

Magic Eden's Expansion

Magic Eden has expanded its support to other blockchain networks like Polygon, Ethereum, and Bitcoin.
The marketplace recently announced that the BRC20 standard is now available on secondary platforms and the Bitcoin Launchpad, allowing developers to create their own fungible tokens on top of BTC.
Magic Eden's decision to expand beyond Solana was driven by the desire to bring the delight and value of NFTs to all users and to tap into different use cases offered by other blockchains.

Jack Lou, co-founder and CEO of Magic Eden, discusses the latest trends and developments in the NFT market.
There is significant cross-chain overlap, with many Solana and Ethereum community members also interested in NFTs on other blockchains.
Jack Lu, the co-founder of Magic Eden, is bullish on Bitcoin NFTs and believes they have longevity due to the chain's environment and unique on-chain characteristics.
Jack is not worried about NFT trading volumes being down, as he believes it is part of the business cycle and that the demand for digital goods and digital ownership is still strong.

Magic Eden is making long-term bets on NFTs with utility in gaming and sees the gaming ecosystem as a key part of its business model.
Magic Eden is calibrating its gaming products to match the current state of the market and sees a healthy creator pipeline into gaming, indicating that the NFT ecosystem and industry are poised for growth.
Magic Eden is optimistic about the gaming sector in web3 due to the increasing interest, credentialed creators, and gaming production expertise.
Currently, Magic Eden is focused on helping web3 gamers and enthusiasts discover upcoming games through their product, the Magic Eden Gaming Hub, which offers news, leaderboards, and commentary.

Other use cases or sectors within crypto that Magic Eden is keeping an eye on include ticketing and social, particularly apps like Lens Protocol and Fox that explore new ways of content creation, engagement, and equitable value distribution.
Regarding royalty fees, Magic Eden believes supporting creators is critical and they support smart contract enforced royalty solutions like P NFTs.
They also invest in creator products like Launchpad, which provides creators with monetization opportunities beyond royalties.

Magic Eden wants to be known as a bold company that pushes boundaries, innovates, and translates new technologies into user delight and value.
For advice on NFT collections, Magic Eden suggests picking something you genuinely like, regardless of its financial prospects, as the emotional resonance is what truly matters in the space.