Magic Eden CEO Discusses Multichain Growth and Way forward for NFT Platforms


Welcome to Chain Response. For these enthusiastic about cryptocurrency, this podcast unpacks, delves into, and breaks down the most recent developments, drama, and information in cryptocurrency with a number of the greatest names within the business.

On this week’s episode, Jacqueline was interviewed jack lou, co-founder and CEO of NFT market Magic Eden. This shall be his second look on his Chain Response, however the market has advanced quite a bit since his final look in August 2022, so we won’t look forward to him to return. Excited to come back.

Previous to co-founding Magic Eden in 2021, Lu labored at Google as a product supervisor and a guide on the Boston Consulting Group.

Magic Eden initially began as a Solana-based NFT buying and selling platform, however has expanded assist to different blockchain networks comparable to Polygon, Ethereum, and Bitcoin. As we speak, it has grown to be one of many largest NFT marketplaces with over 8,000 collections, practically $3 billion in NFT transactions, and 22 million month-to-month distinctive guests. In June 2022, Magic Eden raised his $130 million Sequence B spherical, attaining Unicorn standing.

Lu dropped a bunch of attention-grabbing nuggets in regards to the NFT area and the way Magic Eden intends to sort out environmental modifications particularly round NFTs.

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He shared that Magic Eden plans to remain aggressive via its multi-chain providing and by supporting a number of the largest NFT collections within the area, comparable to Mad Lads, which engages viewers on the platform. backside. Lu mentioned that within the Bitcoin NFT area, the market is trying to leverage “quite a lot of cross-chain overlap,” including that “there are quite a lot of Solana neighborhood members and Ethereum neighborhood members who’ve tried to examine BTC.” rice subject.

When requested if Magic Eden would add extra blockchains to its platform, Lu insisted his stance was “by no means say by no means”, however isn’t contemplating any new additions at the moment.

“Going from[blockchain]1 to 4 in six months is like having 4 youngsters and 4 infants and we’ve to lift all of them,” he mentioned. “As we speak, we really feel a powerful have to combine and refine the expertise of all these ecosystems.”

On the identical time, there are a lot of improvements underway, and Lu desires to be ready for them.

“There are quite a lot of chains on the market, whether or not they’re game-specific or not. Class-specific ecosystems are rising,” he mentioned. “There are quite a lot of nice chains and ecosystems inside that class that make quite a lot of sense for us to develop.”

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In March, Magic Eden launched assist for Web3 video games with Magic Eden Video games. It will enable Web3 builders to develop their participant base and neighborhood. The market is thrilling, Lu mentioned, but it surely’s nonetheless early days.

“We see a really wholesome pipeline of creators into our video games. We perceive there’s quite a lot of inbound and present curiosity from Web3 recreation builders and For us, it has at all times been a number one indicator that the NFT ecosystem will take off because of the inflow of creator curiosity.”

Lu additionally sees long-term potential in Layer 2 blockchains constructed on the Ethereum community based mostly on Arbitrum or Optimism.

Whereas Magic Eden is rising quickly, he mentioned he desires to remain true to its philosophy of constructing the NFT buying and selling expertise “simplicity” whereas serving to customers “really feel the worth” of the NFT ecosystem. .

“Our mission is to give attention to the long-term view.”

We additionally mentioned:

  • BRC-20 token assist
  • NFT market volatility
  • royalty price
  • Extending Web3 video games
  • Recommendation to the NFT neighborhood

Have to catch up earlier than listening? Learn under for a fast overview.

Chain Response comes out each different Thursday, so subscribe on Apple Podcasts, Spotify, or your favourite pod platform for the most recent in Web3 and crypto.

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