Magic Eden Seeks to Challenge OpenSea’s NFT Dominance – TechCrunch

Magic Eden Seeks to Challenge OpenSea’s NFT Dominance – TechCrunch

Few startups in the crypto world can boast the market dominance that OpenSea currently enjoys, but a number of venture-backed startups are looking to chip away at their lead.

Welcome back to Chain Reaction, where we unpack and explain the latest crypto news, drama and trends, breaking things down block by block for the crypto curious.

For our Tuesday episode this week, we spoke with Jack Lu, co-founder and CEO of fast-growing NFT marketplace Magic Eden. The venture-backed startup was founded last year and has already reached unicorn status — amassing a $1.6 billion valuation.

The startup has become the default way for NFT traders in the Solana ecosystem to transact, but as the market has grown, its team has shifted its ambitions to take on OpenSea on its home turf – the Ethereum network, which it recently began developing. early support for.

The startup seeks to differentiate itself within the broader NFT market space, avoiding being a hub for online art, and leaning more towards verticals like gaming.

“We’re not really a generalized marketplace that plays in every category, we don’t play in one-on-one fine art, we don’t do usernames or domain names,” Lu tells us, noting that Magic Eden mostly focuses on “collectibles” that include things like avatars and profile photos, as well as gaming-related NFTs.

It was part of Magic Eden’s gaming focus that took up the bulk of the conversation as Anita and Lucas tried to get their finger on the pulse of crypto gaming in the late summer of 2022.

“There’s no such thing as ‘web3 gamers’, people who like to play games aren’t looking to play a web3 game, they just want to play a game,” says Lu” “I think we’re going to see a shift where pure content developers enter this space games that are masterful in developing game content and game loops themselves and will use web3 more as an instrument.. to achieve some player goal or product goal within the game itself.”

You can listen to the full episode to hear Lu’s more extensive thoughts on the NFT gaming market, as well as his thoughts on a potential race to the bottom in NFT transaction fees.

Chain Reaction comes out every Tuesday and Thursday at 12:00pm PT, so be sure to subscribe to us at Apple Podcasts, Spotify or your favorite platform to keep up with the action.

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