Brandverse Insights #5

We’re officially on our fifth edition of Brandverse Insights, and this week, we’re exploring the rise of the NFT marketplace Magic Eden and what has led to its recent dominance. Below, Roman provides a brilliant breakdown of how the focus on utility and customer value has enabled ME to differentiate itself from competitors like OpenSea.

Before we get into the Deep Dive and “This Week in Web3,” we wanted to share some takeaways from this week’s conversation with Matt Bailey, CEO of GameOn. During the show, Matt talked in depth about his company’s partnership with the international soccer league LALIGA and what went into making the partnership a reality.

For context, LALIGA and GameOn partnered to launch next-gen fantasy games based on real-world LALIGA players and matches. Fans will be immersed in a soccer experience like never before - collecting playable avatars, customizing and equipping gear, and playing in various game modes like Live Fantasy, PvP Battles, and Quests. In all modes, fans will win exclusive prizes like cash, VIP tickets, signed merchandise, and superstar meet-and-greets. LALIGA will promote the games across in-stadium events, watch parties, social media, website, mobile apps, and email. More via PRNewsire

Some takeaways from the conversation with Matt,

• Matt and his team were able to take advantage of quiet market periods, essentially buying the dip and building amazingly strong leagues while other competitors struggled due to market conditions.

• Sports is a great industry to build partnerships because they are typically unaffected by macro events.

• A big focus for GameOn was building web2-friendly onboarding to ensure the platform was easy to use for mainstream players.

• They even created wallets for users, so it was never a requirement to be crypto-native.

• They are soon to launch a utility token that users will use in the game. It will be tradeable, but given its inherent value, it will typically be less speculative.

This Week in Web3

🪙 Coinbase has added George Osborne (former U.K. Chancellor of the Exchequer) to their advisory board. This furthers the UK’s focus on becoming a crypto-friendly hub.

🙌🏽 FTX expects to pay customers back in full for the crypto that was once thought of as lost on the failed exchange.

🖼 Generative art platform Art Blocks announces that it has acquired the digital art marketplace Sansa. Sansa has been focused on providing a platform for artists to showcase their work in a safe and creator-supportive environment. The Sansa platform will now offer a home for Art Blocks Engine collections and more. Read more via

🛬 Jupiter Exchange launched their highly anticipated JUP token to much fanfare. In total, $700 MM JUP was airdropped to eligible Solana Wallets.

💴 Sotheby’s Starry Night auction concluded with over $1MM in total sales, with XCOPY’s Citizens going for 85 ETH ($199K).

🚉 Magic Eden announces a new multi-chain NFT wallet powered by Exodus. This allows for instant cross-chain swaps, NFT portfolio management, and BRC20 and Ordinals support.

🦁 Lazy Lions (a 2021 NFT standout) introduced their new team after being acquired.

🐧 Pudgy Penguins CEO Luca Netz teased the launch of their first book by asking their community where they should publish the first edition.

👩🏼‍💻 Google has officially given the go-ahead for the advertising of Bitcoin ETFs after having a strict policy on crypto advertising.

📰 Rumors of an Opensea being open to selling have been swirling on X. To his credit, the CEO, Devin Finzer, has said, “OpenSea is not actively looking for a suitor and has no plans to be acquired.”

🏀 Veefriends brings back Burn Island for the first time in 2024 - the reward is 2 tickets to NBA All-Star events.

The Rise of Magic Eden: A New Era in NFT Marketplaces

Multichain Custodial Wallet: A Game-Changer

Magic Eden recently revealed a new custodial wallet, marking another large step forward in their quest for market domination. The wallet is native to Magic Eden, and is a multi-chain custodial wallet that is compatible with Solana, Bitcoin, Polygon, and Ethereum. This wallet continues to position Magic Eden as a platform that is leaning into inclusivity and an omnichannel future for crypto. The platform itself has claimed market share by offering a marketplace for chains such as Solana and BTC for years. It makes sense they are pioneering tech that expands access points for collectors who are now becoming more focused on collecting on multiple chains. 

Although Magic Eden’s dominance in the Solana market was surpassed by Tensor in May 2023, it continues to be one of the most prominent marketplaces in the ecosystem. 

(DUNE ANALYTICS) 

Magic Eden also has a strong presence in the Ordinals ecosystems, currently only ranking behind OKX for Ordinal Volume. It’s no wonder they are pioneering Omnichain wallet technology, as they continue to carve out marketshare in varying ecosystems. 

$NFT Token and Diamond Hands Rewards Program

The platform is taking a leap forward with the launch of its own NFT token aimed at rewarding its community. The introduction of a Diamond Hand program and an NFT token airdrop within a DAO framework emphasizes governance participation and community rewards.They are two separate programs within the Magic Eden Marketplace. One is a token that gives access to the DAO that will form around Magic Eden, and Diamond Hands is a loyalty rewards system that powers Magic Eden. How different will they be? The jury is still out. The $NFT token will be one the highest profile airdrops we see in this space this year. Both strategies are aimed at rewarding users for using Magic Eden. 

Strategic Partnerships on ETH 

Magic Eden's strategic collaborations, notably with the Bored Ape Yacht Club, highlight its commitment to honoring creator royalties and enriching its ETH ecosystem with high-quality NFTs. The platform's multi-chain support continues to grow, as honoring royalties in the ETH ecosystem has been a burning issue. The marketplace is set to release in the end of February. YUGA Labs and Magic Eden have been working together to launch this marketplace. 

Conclusion

Magic Eden is completely redefining NFT marketplace landscape with its innovative wallet, rewarding token system, and strategic partnerships. As it continues to evolve, Magic Eden is poised to become a cornerstone of the NFT community. Will it be enough to dethrone BLUR in the ETH ecosystem? I don’t think so, not yet. I do think there ability to position collectors as multichain participants is a major advantage. We’ll see how it continues to proliferate!

RSVP for the next Brandverse Lunch Hour

Join us this coming Tuesday, Feb 6th, as we speak to John Kraski & Justin Shenkarow, Co-Founders of Future Poof. We’ll discuss their new book, “The Future of Community,” & how brands can truly leverage Web3 technology. RSVP Now

With Web3 love,

Mina & Roman