28 Nov 2022
Jack Lu, CoFounder of Magic Eden on going multi-chain, building for Web3 and the future of NFTs
In this episode of Web3 Unlocked, Kenzi Wang, Diksha Dutta and Sachi Kamiya speak to Jack Lu, CEO and one of the four co-founders of Magic Eden. Before co-founding Magic Eden, Jack worked at FTX, Google, and Boston Consulting Group. Magic Eden is an NFT marketplace launched in September 2021 and serves as a home base for SOL NFT collections. Initially launched on the Solana blockchain, it has since become multi-chain by integrating Ethereum-based NFT collections. In November 2022, Magic Eden added Polygon as their third supported chain, committing steadfastly to their vision of a multi-chain future. Since it was launched, Magic Eden has been lauded for its creator and community-focused tools, and was one of the first NFT marketplaces to offer the Launchpad feature to its users, which makes it easier for creators to create, mint, market, and successfully launch products.
Jack speaks to Kenzi, Diksha, and Sachi about getting into the cryptocurrency world, Magic Eden’s journey from its conception to today, the challenges of running a Web3 startup, and how Web2 and Web3 have more similarities than we realize.
Here is a list of the selected time stamps on the different topics discussed during the podcast.
01:30 to 03:55: How Jack got into Web3 and Crypto
04:18 to 07:34: How Magic Eden was born
07:35 to 12:38: Breaking into the ‘NFT marketplace’ market
12:39 to 16:57: Failures and mistakes in the early days of Magic Eden
17:15 to 22:13: Differences in Web2 and Web3 work cultures
22:14 to 27:27: Similarities and differences between a Web2 and Web3 founder
27:28 to 30:12: Qualities of a successful Web3 founder
30:15 to 33:36: Getting users to adopt a Web3 product
33:37 to 36:46: Community building in Web3 and increasing network value
36:47 to 38:11: Hiring for Web3
38:14 to 40:46: Raising capital in Web3
40:47 to 45:48: The future of NFTs
45:49 to 48:00: Navigating the bear market
48:01 to 52:33: Solana community vs Ethereum community and going multi-chain
52:43 to 53:52: Magic Eden as a destination
55:51 to 57:09: How Web3 and Web2 are not that different