Magic Eden threatens OpenSea’s NFT dominance (w/ Jack Lu)

Welcome to Chain Reaction, where we unpack and explain the latest in crypto news, drama and trends, breaking things down block by block for the crypto curious. 

For our Tuesday episode where we chat with a web3 expert, we talked to Jack Lu, the co-founder and CEO of fast-rising NFT marketplace Magic Eden. The venture-backed startup was founded last year and has already reached unicorn status -- raising at a $1.6 billion valuation. In our conversation, we discussed:

• Why the startup is looking to take on OpenSea on its home turf as Lu and his team build out Ethereum support?
• The state of blockchain gaming and whether game studios are  eager to diversify their in-game revenues will embrace an open vision of crypto collectibles and assets.
• Whether the race to zero trading fees in crypto token exchanges will find its way to NFT markets where players like OpenSea and Magic Eden primarily monetize through transaction fees. (Lu hopes not!)

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

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.