Magic Eden Invest in Blockchain Gaming to Propel Web3 Development
The Solana-based NFT marketplace Magic Eden closes a business deal with 11 gaming platforms to stimulate the growth of Web3 projects. Magic Eden’s unplanned entrance to the Web3 space compelled the firm to invest a measurable amount in online gaming. A statement from the Magic Eden team dated February 23 revealed that the firm conducted business with MatchDay, and Blockstar Planet, among others.
Magic Eden Enters Web3 Gaming Industry
A February 23 report disclosed Magic Eden’s efforts to revolutionize the Web3 gaming industry. The NFT marketplace struck a business deal with high-profile blockchain gaming firms in the race to expedite Web3 growth.
A recent address from Magic Eden director of gaming, Chris Akhavan, revealed that Web3 gaming demonstrates the enormous potential for economic growth and development of crypto asset technology. Akhavan acknowledged the efforts of Web3 developers in creating unique games that motivate the community to explore the virtual gaming world.
Magic Eden Battling the Uncertainty in Crypto Market
A few days ago, the leading NFT marketplace downsized its workforce in the ongoing restructuring efforts. Besides the restructuring, Magic Eden competes with others firms to attain desirable market dominance in the Web3 gaming industry.
In December 2022, Magic Eden conveyed key updates concerning the launch of the Solana-based open creator platform. The open creator protocol developed by the Magic Eden team aimed at providing a long-lasting solution to NFT royalties.
Besides the open creator protocol, Magic Eden invested in a Web3 launchpad platform that has experienced a meteoric growth of more than 60 gaming platforms. Meanwhile, the Magic team has prioritized working on existing Web3 gaming projects to launch a compensation system to improve developers’ and gamers’ experiences. Nevertheless, Magic Eden faced charges for trading unverified NFTs in January. After the embroiled debate Magic Eden was prompted to compensate the affected NFT holders.
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