Few startups within the crypto world boast the market dominance that OpenSea at present enjoys, however quite a few venture-backed startups need to chip away at their lead.
Welcome again to Chain Response, the place we unpack and clarify the most recent in crypto information, drama and traits, breaking issues down block by block for the crypto curious.
For our Tuesday episode this week, we talked to Jack Lu, the co-founder and CEO of fast-rising NFT market Magic Eden. The venture-backed startup was based final yr and has already reached unicorn standing — elevating at a $1.6 billion valuation.
The startup has develop into the default means for NFT merchants within the Solana ecosystem to transact, however as {the marketplace} has grown, its workforce has refocused its ambitions to tackle OpenSea on its house turf — the Ethereum community, for which they’ve not too long ago begun rolling out early help.
The startup is seeking to differentiate itself contained in the broader NFT market area, shying away from being a hub for on-line artwork, and leaning extra into verticals like gaming.
“We’re not likely a generalized market that performs in each class, we don’t play in one-of-one wonderful artwork, we don’t do usernames or domains,” Lu tells us, noting that Magic Eden largely focuses on “collectibles,” which embrace issues like avatars and profile images, in addition to NFTs associated to gaming.
It was the gaming a part of Magic Eden’s focus that took up the majority of the dialog as Anita and Lucas seemed to get a finger on the heartbeat of crypto gaming in late summer season 2022.
“There is no such thing as a such factor as ‘web3 players,’ individuals who like taking part in video games don’t go seeking to play a web3 recreation, they only wish to play a recreation,” Lu says. “I feel we’re going to see a shift the place it’s pure recreation content material builders who’re masterful at growing recreation content material and recreation loops themselves which might be going to come back into this area and are extra into utilizing web3 as an instrument… to understand some participant aim or product aim throughout the recreation itself.”
You may hearken to the total episode to listen to Lu’s extra expansive ideas on the NFT gaming market, in addition to his ideas on a possible race-to-the-bottom in NFT transaction charges.
Chain Response comes out each Tuesday and Thursday at 12:00 p.m. PT, so be sure you subscribe to us on Apple Podcasts, Spotify or your favourite pod platform to maintain up with the motion.
Few startups within the crypto world boast the market dominance that OpenSea at present enjoys, however quite a few venture-backed startups need to chip away at their lead.
Welcome again to Chain Response, the place we unpack and clarify the most recent in crypto information, drama and traits, breaking issues down block by block for the crypto curious.
For our Tuesday episode this week, we talked to Jack Lu, the co-founder and CEO of fast-rising NFT market Magic Eden. The venture-backed startup was based final yr and has already reached unicorn standing — elevating at a $1.6 billion valuation.
The startup has develop into the default means for NFT merchants within the Solana ecosystem to transact, however as {the marketplace} has grown, its workforce has refocused its ambitions to tackle OpenSea on its house turf — the Ethereum community, for which they’ve not too long ago begun rolling out early help.
The startup is seeking to differentiate itself contained in the broader NFT market area, shying away from being a hub for on-line artwork, and leaning extra into verticals like gaming.
“We’re not likely a generalized market that performs in each class, we don’t play in one-of-one wonderful artwork, we don’t do usernames or domains,” Lu tells us, noting that Magic Eden largely focuses on “collectibles,” which embrace issues like avatars and profile images, in addition to NFTs associated to gaming.
It was the gaming a part of Magic Eden’s focus that took up the majority of the dialog as Anita and Lucas seemed to get a finger on the heartbeat of crypto gaming in late summer season 2022.
“There is no such thing as a such factor as ‘web3 players,’ individuals who like taking part in video games don’t go seeking to play a web3 recreation, they only wish to play a recreation,” Lu says. “I feel we’re going to see a shift the place it’s pure recreation content material builders who’re masterful at growing recreation content material and recreation loops themselves which might be going to come back into this area and are extra into utilizing web3 as an instrument… to understand some participant aim or product aim throughout the recreation itself.”
You may hearken to the total episode to listen to Lu’s extra expansive ideas on the NFT gaming market, in addition to his ideas on a possible race-to-the-bottom in NFT transaction charges.
Chain Response comes out each Tuesday and Thursday at 12:00 p.m. PT, so be sure you subscribe to us on Apple Podcasts, Spotify or your favourite pod platform to maintain up with the motion.
