Published on: 28/07/2022
Genopets, Magic Eden launch first SFT marketplace
Genopets has launched the first-ever semi-fungible-token marketplace with the support of Magic Eden, allowing users to trade and mint in-game items and currencies such as Crystals and Terraforms Seeds.
Crystals function as the primary currency used to create other items, while Terraform Seeds allow players to develop their Genopet habitats by making aesthetic changes and performance upgrades. Both are vital to the player-driven, crafting-based economy that the game is based on as players are unable to craft items without crystals and Terraform Seeds are highly valued for both aesthetic and gameplay purposes.
One of the main problems of Web3 games is the lack of established functions compared to Web2-based games. Creating stacks of items that can be divided or combined into larger amounts is one of the most common ways of handling objects. However, this functionality is difficult to utilize when using NFTs as they are tied to individual items. SFTs allow players to group similar products together and sell them as one item, improving quality of life for players. Reducing the number of transactions will also lower the fees players have to pay in comparison to NFTs.
Tony Zhao, head of gaming investments at Magic Eden, commented on the company’s partnership with Genopets: “We are excited to partner with Genopets to power their new SFT marketplace which will bring familiar Web2 trading mechanics to players looking to build and grow their in-game assets.”
“In support of NFT gaming developers, we’re confident that our SFT tooling will allow projects to make further in-roads with creating high-concept, playable games on the blockchain.”
The marketplace is already live on Genopets, and players are already able to trade for items on the new marketplace.
About Magic Eden
Magic Eden is an NFT marketplace on the Solana network. Ninety percent of NFTs traded on the proof-of-stake blockchain are managed through Magic Eden.
After establishing itself as the prime choice for NFT traders on Solana, the company is looking toward expanding into Web3. The company created a new division called Eden Games, which focuses on Web3 and blockchain gaming, with Zhao as its head. Other prominent new hires include Harrison Chang, Matt Biamonte and Yoonsup Choice — all specialists in the fields of esports, gaming and NFTs.
Magic Eden has also launched Magic Ventures, a fund dedicated to helping its partners succeed on Web3 projects. The fund is not expected to make a high return on investment but grow the Web3 ecosystem instead. The company is also hoping to gain the cooperation of other developers and establish a strong foundation for blockchain games.
“We’re not a VC fund. The purpose of this fund is not to make bets. It is to support and grow the Web3 ecosystem overall. We’re going to partner with the developers to make them feel comfortable working with us,” explained Zhao regarding the purpose of the fund.
Eden Games aims to place its focus on creating tools and services for games that want blockchain and fungible-token integration, allowing developers to focus more on gameplay and community projects. Genopets is just one of the few partnerships it has finalized, alongside Nekoverse, Yaku, Aurory and many others.