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rev
@rev
#9 /nft AMA ft. @avichal & @zedd @avichal is Co-Founder & General Partner at @electric Capital. He's a serial entrepreneur, ex-Google and Facebook tech executive, and a prolific investor — NFT investments range from projects like Magic Eden and Wasabi to NFT funds like Spencer Ventures and @curated. @zedd is Co-Founder & COO at Magic Eden, the leading community-centric NFT marketplace for discovering, expressing, and owning digital culture. 📆 Fri, 16 Aug @ 10am PT — ask your questions in the comments!
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@rev
tell us the origin story of Magic Eden. @zedd what inspired you to start it and @avichal what made you invest in it?
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Avichal Garg
@avichal
We met the team and it was clear they were one of the best teams in crypto. @mariashen and I messaged about 10 minutes into our meeting and basically said "We need to give these guys all of our money" We followed through on this -- MagicEden is our single largest equity investment by dollars invested.
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Zedd
@zedd
Macro level - we felt NFTs and on chain assets in general could be huge and way bigger than many people think -- i still believe that today (both that it'll be insanely big and that people are still underestimating it) As for the origin story -- Me and the guys were personally being on chain degens -- mostly initially on ETH but then eventually on Solana. I still remember aping into Yam Finance which felt like the trigger for DeFi summer and then it didn't really stop. Then jack and i started pooling capital to do this stuff and we started to realize that on chain assets would develop on numerous ecosystems so we decided to make a bet that Solana would be a natural home for that given the properties of the chain. But there was this crazy dissonance because the experience on solana was amazing, yet the NFT marketplaces were really bad. We assembled the crew Rex, Sid, Jack and I - and put together an MVP in about 3 weeks and shipped it. People seemed to like it in our discord and we just kept going ..
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