Looking back on the NFT marketplace Magic Eden (w/ Jack Lu)
Description
For this week’s episode, we’re resharing a conversation I had in June 2023 with Jack Lu, CEO and co-founder of Magic Eden.
When we recorded this episode, NFT sales were down around $640 million at the beginning of the month, compared to today where February 2023 NFT sales volume hit $1 billion, for the first time since February 2023.
Looking back on this conversation, we decided this episode was a great addition to the NFT series to add some context for what a crazy year it has been, how much things have changed (and some things stayed the same) especially for people building in the NFT space.
Magic Eden originally began as a Solana-based NFT trading platform, but has expanded its support to other blockchain networks like Polygon, Ethereum and Bitcoin. In June 2022, Magic Eden raised $130 million in a Series B round that granted it unicorn status.
We discussed why the NFT marketplace expanded its support to other blockchains, its BRC-20 token support and how the company plans on staying competitive in the constantly changing market.
We also talked about:
- NFT market volatility
- Royalty fees
- Web3 gaming expansion
- Advice for NFT community
(0:00 ) Introduction
(2:46 ) Bitcoin ecosystems and new technology standards
(7:30 ) Magic Eden’s place within NFT marketplaces
(19:05 ) Royalties and creator monetization
(24:42 ) NFT’s staying power
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