It has been one year since the launch of Magic Eden, the fast-growing NFT marketplace that reached unicorn status with a $1.6 billion valuation.
In September 2021, Magic Eden was founded by four friends with backgrounds at Uber, Facebook, Google, FTX, dYdX and experience across crypto, DeFi, mass consumer marketplace and management. Jack Lu, the co-founder and CEO spoke exclusively with Blockster about the future of Magic Eden, from going multi-chain and being bullish on gaming to filling the gaps of existing marketplaces.
“Magic Eden is described as a marketplace, but as a business model, it is much more like a crypto exchange,” Jack explains. The platform gives its users fast access to liquidity, a good understanding of supply, and the ability to trade in the marketplace. The Magic Eden team has created a polished Web3 consumer experience that would be expected more so in Web2.
In less than a year, Magic Eden has become the largest Solana-based NFT marketplace, and now it has added Ethereum to its offerings — directly competing with OpenSea. Jack shares that he and his team have a lot of admiration and respect for Ethereum, and from the early days of the company, their growth strategy and long term roadmap included multi-chain features.
“In the immediate term, there are different ecosystems that are all very well-funded, they all have unique value propositions and unique communities and there will be users there,” shares the CEO. “At Magic Eden, our philosophy is to go where the users are and try to serve those users in a world-class, world-leading way.”
The company is very bullish on gaming because of the influx of gamers getting into NFTs and crypto. Jack says NFTs allow gamers to experience the super charged version of taking digital assets and gaming commerce to the next level with a real economy of secondary trading, liquidity and open economies.
“It’s the creators who create the use-cases, and it’s the use-cases that get all of the end users to come on board. That’s our logic to understand how growth happens.”Jack Lu, CEO of Magic Eden
A part of Magic Eden’s growth is transitioning from an NFT marketplace into an NFT experience. With the utility and community behind NFTs offering a more fun, social way to experience crypto, Magic Eden is building tools for its users to experience more of the NFT journey on its platform with new features including a management tool, tracking tool and calendar.
Through abysmal market conditions, Magic Eden is continuing its focus on building a user-centric platform that will sustain long-term. “We’re super focused on serving our users, building out the NFT use-cases according to our vision and making sure that whatever pain points they have with their NFT experience, we can be the world-leading solution to that,” Jack told Blockster.
“User-obsessed” is one of the core pillars of the company, which Lu says is a guiding light in a space with so much noise. Community, creativity and cool are the factors of NFTs that transcend the technology, and this is how Magic Eden believes NFTs can bridge the next billion users into crypto.