- Solana based Magic Eden launches gaming venture arm.
- They are the biggest marketplace in the Solana ecosystem.
- The platform has already made investments in projects.
Magic Eden To Pull a Rabbit Of The Hat?
Magic Eden is an NFT marketplace based on the Solana blockchain. It possesses almost 90% of the non fungible token market in the ecosystem. Recently it made an announcement that it has launched its gaming venture arm which will be focused entirely on Web3. Magic Venture will make strategic investment to attract more investors on the platform.
The Web3 focused platform has already onboarded Tony Zhao from Tencent on this ship. Magic Venture will sign more developers to improve the ecosystem. They have already made some investments but are unknown at the time of writing. The platform will also make investments in future, but we are uncertain where they are throwing their money.
This initiative will help improve the Solana ecosystem. Currently Ethereum is the most admired blockchain when it comes to NFT, followed by Solana.
Will This Disrupt the Other Solana Platforms?
As we have mentioned above, the channel already covers around 90% of Solana’s market. It means they are already disrupting other markets based on this blockchain. It is possible that the ones trying to stay in the race or are trying to overcome, might have to fight harder than before. Solana is a growing ecosystem and the future of the channel will depend on the upcoming developments on the blockchain.
Other Solana markets include SolSea, which is the first ever NFT platform in the ecosystem. It features First 100 digital collectible, which contains tokens associated with the initial makers and adopters. Another marketplace remains Solanart, yes, this is the same channel that features Degenerate Ape Academy NFTs. Apart from these, Solport, Metaplex, Supadrop are among the other persisting markets on this blockchain.
The NFT sector remains appealing to the majority of the crypto population. Celebrities are certainly the most impressed tribe to admire this fascinating concept. Eminem, Snoop Dogg, Neymar Jr, Kevin Hart are among the few names who have acquired Bored Apes. Matt Shadows, lead singer of legendary band Avenged Sevenfold holds CryptoPunk NFT.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.