Welcome to Chain Response, a podcast that unpacks and dives into the newest crypto traits, drama, and information with a number of the largest names within the business to interrupt issues down block by block for the crypto curious.
For this week’s episode, Jacqueline interviewed Jack Lu, co-founder and CEO of NFT market Magic Eden. That is his second time on Chain Response, however the market has moved on quite a bit since he final got here in August 2022, so we’re excited to see him again!
Earlier than co-founding Magic Eden in 2021, Lu labored as a product supervisor at Google and a guide for Boston Consulting Group.
Magic Eden initially began as an NFT buying and selling platform based mostly on Solana, however has expanded its assist to different blockchain networks like Polygon, Ethereum, and Bitcoin. At the moment, it has grown into one of many largest NFT marketplaces with over 8,000 collections, roughly $3 billion in NFT transactions, and 22 million distinctive month-to-month guests. In June 2022, Magic Eden raised $130 million in a Sequence B spherical that granted it unicorn standing.
Lu dropped a bunch of fascinating nuggets on the NFT house and the way Magic Eden plans to deal with the altering atmosphere, particularly round NFTs.
He shared that Magic Eden plans to remain aggressive by means of its multi-channel choices and by supporting a number of the largest NFT collections within the house, like Mad Lads, which will even combine its viewers into its platform. Within the Bitcoin NFT house, the market is seeking to exploit “a whole lot of the overlap between chains,” Lu stated, including, “There are a whole lot of Solana group members and Ethereum group members who’ve tried to confirm BTC”.
When requested if Magic Eden will add extra blockchains to its platform, Lu stated his stance is “by no means say by no means,” however at the moment he is not contemplating any new additions.
“Going from one to 4 (blockchains) in six months is like having 4 kids, 4 infants, and all of us should feed them,” he stated. “Proper now, we actually really feel we have to consolidate and polish the expertise of all of those ecosystems.”
On the identical time, there are a whole lot of improvements occurring, and Lu needs to be prepared for that.
“There are a whole lot of channels, whether or not game-specific – there are category-specific ecosystems popping up,” he stated. “There are various, many nice chains and ecosystems on this class that will make a whole lot of sense for us to develop.”
In March, Magic Eden launched assist for Web3 video games with Magic Eden Video games, which allows Web3 builders to nurture participant bases and communities. Though this market is thrilling, it’s nonetheless early days, Lu famous.
“We see a really, very wholesome pipeline of creators within the recreation. We perceive that there’s a lot of incoming and current curiosity from Web3 recreation builders, and for us that has all the time been a number one indicator that the NFT ecosystem will take off with the inflow of creator curiosity.
Lu additionally sees long-term potential in layer 2 blockchains that construct on the Ethereum community and are based mostly on Arbitrum or Optimism.
Despite the fact that Magic Eden has grown quickly, it needs to remain true to its philosophy of constructing the NFT buying and selling expertise “easy” whereas serving to customers “really feel the worth” of the NFT ecosystem, he stated. declared.
“Our mission is to deal with the long run.
We additionally talked about:
- Help for BRC-20 tokens
- NFT market volatility
- Royalties
- Web3 Sport Extension
- Recommendation for the NFT group
Have to catch up earlier than listening? Learn them for a fast overview:
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