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:
(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.
You should join a crypto social club (w/ Boys Club co-founders)
Ripple’s chief legal officer talks SEC lawsuit, XRP ‘win’ and future regulation (w/ Stu Alderoty)
What’s it like to invest in crypto globally as devs depart the U.S. (w/ Maria Shen)
Magic Eden CEO talks NFTs, multi-chain expansion and market volatility (w/ Jack Lu)
How can big beauty and fashion brands get into web3? (w/ L’Oreal web3 team)
Coinbase continues fight for crypto clarity post-SEC suit (w/ Paul Grewal)
VeeFriends, NFTs and the importance of intellectual property (w/ Gary Vaynerchuk)
Chainlink co-founder talks cryptographic guarantees in web3 (w/ Sergey Nazarov)
Bonus Episode: Pussy Riot founder explains how to use NFTs for activism
Crypto regulation and crackdowns (w/ Jake Chervinsky)
Building on Coinbase’s Base (w/ Jesse Pollak)
Chain Reaction is nominated for a Webby
Where’s a16z focus for web3 investments? (w/ Arianna Simpson)
Avalanche wants to digitize all assets on the blockchain (w/ Emin Gün Sirer)
Bitcoin and the Lightning Network are moving payments globally (w/ Jack Mallers)
Bonus Episode: Say Hello to the Startup Battlefield Winner
Bonus Episode: Getting to know the Battlefield 200
Bitcoin rewards and NFTs are helping its ecosystem (w/ Alex Adelman)
Bonus Episode: Making the Pitch Perfect
Bonus Episode: The Startup Battlefield Basics
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