Magic Eden announced that its venture arm, Magic Eden Ventures, has invested in 11 web3 gaming studios. The announcement highlights Magic Eden’s continued commitment to pushing the web3 gaming industry forward, having recently hired its chief gaming officer, Chris Akhavan, and expanded onto the Polygon blockchain. Partners backed include MatchDay, Blockstars, Epic League, Intella X and more.
Magic Eden chief gaming officer Chris Akhavan commented: “We’re still at the beginning of what blockchain gaming will become. Experienced game studios building web3 enabled games are pioneering something special – fun games with digital asset ownership and powerful economies that enable communities and creators to deepen their connection with the games they love. It’s a powerful combination. We look forward to continuing our support of emerging game studios, and helping them achieve long-term success.”
Since Magic Eden Ventures launched in July 2022, Magic Eden’s dedicated gaming team has been working closely with innovative game studios with long-term vision in web3 gaming. The 11 studios range from web3 native developers to studios from traditional gaming backgrounds. By forming partnerships with game studios, Magic Eden helps games launch NFT projects, acquire and engage users for their games, and support gaming infrastructure via in-game marketplaces. Magic Eden’s full suite of creator products and services can enable games’ monetisation and engagement across the web3 ecosystem.
With 1.5 million daily user sessions and average user sessions of 15 minutes, it offers unparalleled exposure to gaming partners. Given its on-platform engagement, Magic Eden has also begun working with games post-mint to pilot rewards tokens on its Rewards Hub that will allow game developers to engage with new and existing users. Beyond supporting game monetisation and engagement, Magic Eden also supports game’s infrastructure. When games become playable, game developers can power their own in-game marketplaces using Magic Eden’s APIs, enabling users to transact on digital collectibles without leaving the ecosystem of the game.