Reflecting on the Bold Nature of Magic Eden and NFT Collections

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Explore the resilience of Magic Eden amidst market fluctuations, highlighting the significance of choosing NFT collections for personal attachment over pure monetary pursuit. Stay tuned for upcoming episodes and follow the podcast for more insights.

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

Chain Reaction comes out every Thursday at 12:00 p.m. ET, so be sure to subscribe to us on Apple Podcasts, Spotify or your favorite pod platform to keep up with the action.