Today, Magic Eden announced Magic Ventures, a venture financing arm that would focus solely on Web3 gaming.
To that end, the business has appointed Tony Zhao, formerly of Chinese gaming behemoth Tencent, as its new head of gaming investments.
Magic Eden is the Solana ecosystem's largest NFT marketplace, and it recently raised a war chest of capital that valued the nascent firm as a crypto unicorn.
In an interview with Decrypt, Zhao noted that Magic Ventures' investments will be "purely strategic in nature," supporting producers of NFT-powered video games rather than investing with the aim of generating a profit.
"We've never thought about returns, and we never will," Zhao added. "It's merely to synchronize our alliance, isn't it?" We sincerely want to be these developers' go-to partners."
When Magic Ventures signs game creators, they will become part of the Magic Eden ecosystem, which includes a launchpad for new NFT main sales as well as a secondary marketplace for continuous sales.
The Solana-based marketplace now controls 90% or more of Solana's total NFT market share. Zhao stated that the goal is to make it easier for game developers to enter the Web3 ecosystem.