The Magic Eden Miracle: How An NFT Marketplace Soared In The Midst Of A Crypto Crash – The Information
The Big Read – The Magic Eden Miracle: How an NFT market rose to a $1.6 billion evaluation in the middle of a market collision. Check Out Now
Magic Eden, the current– and also perhaps the last– unicorn of the NFT bubble, got in the crypto race simply 10 months back. It’s currently harmful OpenSea as well as fending off a host of oppositions.
Magic Eden’s founders Jack Lu (CEO), Sidney Zhang (CTO), Zhoujie Zhou (Chief Engineer) as well as Zhuoxun Yin (COO). Art by Clark Miller.
July 29, 2022 2: 00 PM PDT
On May 11, capitalist Shan of Lightspeed Venture Partners invested 2 hrs walking San Francisco with Jack Lu and also Zhuoxun Yin, the Australian-born founders of Magic Eden. It was a clear evening on the Embarcadero, with the Bay Bridge shimmering distant. The crypto boom was still barking as well as their walk must’ve been a success lap– however Shan existed to advise the owners concerning the tornado that lay in advance.
” I was sort of being harsh with them,” she kept in mind. A previous bush fund expert, Shan saw threatening clouds imminent. With both rates of interest and also rising cost of living increasing, Shan recognized an economic crisis can remove a number of the crypto business produced by the bull run of the previous 2 years, and also she really did not desire Lu and also Yin’s NFT industry, Magic Eden, to be among them.
The following month, Magic Eden would certainly introduce a $130 million Series B financing round that valued the firm at $1.6 billion. Shan’s cautions would certainly show prescient: In mid-June, the crypto market shed $2 trillion in worth, leading to a large decline in the trading quantity of NFTs.
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