Magic Eden ventures further into NFT gaming

Magic Eden ventures further into NFT gaming

Magic Eden has stated that it believes Web3 gaming will grow into a multi-billion dollar-per-year industry by democratizing the concept of in-game ownership. The company plans to introduce its user base to game developers to ensure the industry’s growth. 

Magic Eden hires gaming industry veteran as chief gaming officer

Magic Eden, a popular NFT marketplace on the Solana blockchain, has appointed Chris Akhavan as its Chief Gaming Officer. The new hire will be responsible for driving growth in gaming partnerships and supporting the development of enhanced game creator and collector experiences on the platform.

Launched in September 2021, the Solana-based marketplace is one of the largest Web3 platforms in the industry, with over 10 million unique user sessions per month and $2.5 billion in NFT sales volume to date.

Magic Eden offers a user-friendly platform that allows users to create, discover and collect unique NFTs easily. These developments come shortly after the recently announced integration with the Polygon network, which allows the marketplace to become a multi-chain platform and to further venture into the blockchain gaming world.

The company has made its mission to bring digital property rights to gamers while creating new opportunities for game developers. Chris Akhavan has come from traditional gaming background but also possesses a deep knowledge of blockchain technology. He has worked with companies like Tapjoy, Glu, Electronic Arts, Forte, and Game7. He stated:

“As a lifelong gamer, I truly believe the game industry is going to be transformed by placing ownership in the hands of players. There are already massive vibrant markets around in-game items in games like Counter-Strike, and Web3 technology is the perfect solution to enable game asset ownership in a scalable and connected way across an enormous universe of games and player communities.”

Magic Eden Ventures focuses on investments in web3 games

In July 2022, Magic Eden launched Magic Eden Ventures, which focuses on incubating and investing in Web3 gaming projects. By leveraging NFTs and the play-to-earn model, these projects disrupt the legacy of the pay-to-win models that have led to stagnation in the game industry. 

Magic Eden also features an NFT launchpad, a feature that provides full-service NFT minting support and aims to launch impactful Web3 games. So far, the existing launchpad has helped deliver over 400 projects. All of these initiatives are likely to help Magic Eden on its mission of becoming a key player in the blockchain gaming industry. Zhuoxun Yin, COO at Magic Eden, stated: 

“We have been preparing to unleash the reach of our platform to the game ecosystem, and our vision to drive distribution and revenue to Web3 games can now really come to life with Chris’ leadership and guidance.”

With the help of its new hire, Magic Eden hopes to level the playing field between game developers and gamers and to enable a fairer and more transparent game economy design. Even as we currently mud through the bear market, the blockchain gaming industry continues to show growth which leads the company to believe that it will be an on-ramp for millions of Web3 users in coming years.

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