Welcome again to Chain Response, a podcast that unpacks and dives into the most recent crypto tendencies, dramas and information with the most important names within the business to interrupt it down block by block for crypto fanatics.
For this week’s episode Jacquelyn interviewed Jack Lu, founder and CEO of NFT market Magic Eden. That is his second time taking part in Chain Response, however the market has modified loads since his final look in 2022. in August, so we’re excited to have it again!
Earlier than founding Magic Eden in 2021, Lu labored as a product supervisor at Google and as a advisor at Boston Consulting Group.
Magic Eden was initially constructed as a Solana-based NFT buying and selling platform, however has expanded its assist to different blockchain networks akin to Polygon, Ethereum, and Bitcoin. Right now, it has grown into one of many largest NFT marketplaces with over 8,000 collections, round $3 billion in NFT transactions, and 22 million distinctive guests per thirty days. in 2022 in June, “Magic Eden” collected 130 million. USD within the Sequence B spherical, giving her unicorn standing.
Lu shared a number of fascinating issues in regards to the NFT house and the way Magic Eden plans to sort out the altering panorama, particularly round NFT.
He shared that Magic Eden plans to stay aggressive by way of its multi-chain choices and by supporting a few of the largest NFT collections within the house, akin to Mad Lads, which may even convey its viewers to its platform. Within the Bitcoin NFT house, {the marketplace} goals to take advantage of “a number of cross-chain overlap,” Lu stated, including, “There are a number of Solana neighborhood members and Ethereum neighborhood members who’ve tried to confirm BTC.”
When requested if Magic Eden will add extra blockchain to its platform, Lu insisted that his stance is “by no means say by no means,” however that she does not see any new additions right now.
“Going from one to 4 (blockchains) in six months is like having 4 youngsters, 4 infants, and we have now to lift all of them,” he stated. “Proper now, we actually assume we have to consolidate and enhance the expertise of all these ecosystems.”
On the similar time, there may be a number of innovation, and Lu desires to be prepared for it.
“There are a number of circuits, whether or not it is particular to video games — category-specific ecosystems are rising,” he stated. “There are various, many nice chains and ecosystems in that class that will make a number of sense for us to develop into.”
March. Magic Eden has launched assist for on-line gaming with Magic Eden Video games, permitting web3 builders to nurture participant bases and communities. Whereas that market is fascinating, it is nonetheless early days, Lu famous.
“We see that recreation builders are very, very wholesome.” We perceive that there’s a lot of curiosity and current curiosity from net 3 recreation builders, and for us this has at all times been a key indicator that the NFT ecosystem will begin to take off as builders take curiosity.
Lu additionally sees long-term potential in Layer 2 blockchains, constructing an Ethereum community primarily based on Arbitrum or Optimism.
Whereas Magic Eden has seen speedy progress, it desires to remain true to its philosophy of preserving the NFT buying and selling expertise “easy” whereas permitting customers to nonetheless “really feel” the worth of the NFT ecosystem, he stated.
“Our mission is to concentrate on the long run.
We additionally talked about:
- BRC-20 token assist
- NFT market volatility
- royalties
- Web3 recreation extension
- A tip for the NFT neighborhood
Do you should catch your self earlier than listening? Learn the next for a fast overview:
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