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.
Why crypto’s “obsession” with mass adoption may not be worth it (w/ Tux Pacific)
Doodles CEO on expanding their cartoon NFT empire (w/ Julian Holguin)
How web3 creators can make the most of the crypto crash (with Latashá)
Crypto’s latest crash and where web3 falls short (with Aaron Levie)
a16z VC on crypto criticism and their $4.5 billion bet (with Sriram Krishnan)
Outdoor Voices’ founder on scaling a new crypto startup in a downturn (with Ty Haney)
Lux’s crypto VC on the startups securing and scaling web3 (with Grace Isford)
Lightspeed’s web3 guru on consumer crypto startups and the metaverse (with Mercedes Bent)
Moonbirds founder talks crypto crash and where NFTs go from here (with Kevin Rose)
Why are there so many blockchains? (with Jill Gunter)
Sequoia’s blockchain bull on whether crypto startups are building web3 or web2.5 (with Shaun Maguire)
Crypto's music man on how NFTs could shake up the recording industry (with 3LAU)
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