Chain Reaction

Looking back on the NFT marketplace Magic Eden (w/ Jack Lu)

Feb 29, 2024

Jack Lu, CEO of Magic Eden, discusses the evolution of NFT marketplaces, expansion to multiple blockchains, volatility, royalties, and advice for the NFT community. Topics include Bitcoin ecosystem, BRC-20 token standards, Web3 gaming, and NFT staying power.

26:38

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Episode guests

Jack Lu

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Episode notes

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Quick takeaways

Magic Eden expanded to support multiple blockchain networks, enhancing its competitive edge.

Jack Lu emphasizes the significance of personal connection and emotional resonance in NFT collecting.

Deep dives

NFT Focus: Jack Lew from Magic Eden Discusses NFT Market Trends

Magic Eden's co-founder, Jack Lew, shares insights on the NFT market, highlighting expansions into multi-chain support like Polygon, Ethereum, and Bitcoin. Despite fluctuations in NFT sales volumes, Magic Eden remains focused on long-term innovations, including the launch of Magic Eden Games. Jack emphasizes supporting creators through initiatives like Launchpad and the embrace of standards like PNFTs to promote creator monetization.

Introduction

4min

Exploring Bitcoin's Expansion Through NFTs and Multi-Blockchain Integration

12min

Exploring the Potential of NFTs in Gaming and Beyond

5min

Reflections on Controversial Decision and Creator Support in NFT Marketplace

2min

Reflecting on the Bold Nature of Magic Eden and NFT Collections

3min

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.

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Chain Reaction

Looking back on the NFT marketplace Magic Eden (w/ Jack Lu)

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

NFT Focus: Jack Lew from Magic Eden Discusses NFT Market Trends

Innovation and Expansion in the NFT Space

Embracing Boldness and Creativity in NFT Collections

Remember Everything You Learn from Podcasts