Magic Eden Ventures announces investment in 11 Web3 gaming studios

Magic Eden has announced investing in 11 Web3 gaming studios. The Web3 gaming industry has emerged as one of the fast-growing sectors in the crypto market, as it continued attracting investments despite the bear market that rocked the industry last year.

Magic Eden invests in 11 Web3 game studios

Magic Eden is a cross-chain NFT platform supporting the trading of NFTs. Its venture division, Magic Eden Ventures, has made a notable investment in 11 Web3 game studios as it seeks to cement its position in the industry.

The 11 Web3 gaming studios that Magic Eden has invested in include Blockstars, BR1, Bunch, Epic League, INFINITE, Lucky Kat, Matchday, Moonveil, Neowiz, Oring Games, and Rooniverse.

The venture arm for Magic Eden was created in July last year. Magic Eden Ventures has been seeking to solidify its presence in the Web3 gaming industry, having worked closely with gaming studios. As part of its growing interest in blockchain gaming, Magic Eden recently hired Chris Akhavan as the Chief Gaming Officer as it expanded its gaming activities to the Polygon layer two blockchain.

While addressing the recent investments in Web3 gaming, Akhavan said that the industry was still in the early stages of determining what blockchain gaming could become. He commended the projects operating in the industry, saying that Magic Eden Ventures was committed to supporting startup game studios and ensuring they achieve success.

“We’re still at the beginning of what blockchain gaming will become. Experienced game studios building Web3-enabled games are pioneering something special – fun games with digital asset ownership and powerful economies that enable communities and creators to deepen their connection with the games they love. It’s a powerful combination. We look forward to continuing our support of emerging game studios and helping them achieve long-term success,” Akhavan said.

By working with these game studios, Magic Eden Ventures plans to aid these platforms in releasing their NFT projects. The company will also support the acquisition of more players into these games while boosting engagement. It will also support gaming infrastructure through in-game marketplaces.

Funding continues to flow into Web3 gaming

While funding in the most crypto industry has slowed down because of the negative events that happened last year, Web3 gaming has continued attracting investments. Azra Games recently secured $10 million in a funding round.

Azra Games is a California-based gaming studio. The company recently closed a 410 million funding round led by Andreessen Horowitz’s a16z. The company has now raised $25 million for its NFT game, Legions & Legends. Azra games had initially secured $15 million in a seed funding round held in May last year. The seed funding round was also led by Andreessen Horowitz.

The gaming company said its venture capital seed funding had grown to $25M after the recent a16z-led funding round. The other investors participating in the funding round include Coinbase, NFX, Franklin Templeton, and Play Ventures.