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Source: DappRadar<br />
Meanwhile, data from CoinGecko reveal that these collections did not just crash<br />
relative to USD terms, but also relative to ETH, even as ETH’s valuation in USD<br />
terms fell, with ETH being down by about 32% in USD terms in the past week.<br />
Up until the beginning of May this year, prices of NFTs in the popular BAYC collection<br />
had performed better than the performance of ETH. Since then, valuation of the<br />
collection has been crashing in ETH terms as well.<br />
It leaves a grim outlook, that the crypto sector that propelled the entire crypto<br />
ecosystem to mainstream media is getting wrecked as hard by the downturn in market<br />
sentiments<br />
MagicEden launches Magic Ventures, a venture fund for Web3 games<br />
Magic Eden has launched Magic Ventures, a new venture capital fund that will focus<br />
on investments in Web3 games.<br />
San Francisco-based Magic Eden is a community-first NFT marketplace on the Solana<br />
blockchain. Magic Ventures signals the company’s pivot towards helping fund the<br />
gaming industry of Web3. It won’t just be the venture fund that they focus on, as<br />
they look to develop their own in-house game development team, Eden Games.<br />
While blockchain games have been controversial, Magic Eden believes Web3 games<br />
will be an on-ramp for millions of users to use blockchain, helping the technology<br />
achieve mass adoption.<br />
The launch of Magic Ventures and the appointment of Tony Zhao as its head of gaming<br />
investments signals Magic Eden’s intent to invest in promising games and gaming<br />
<strong>SHILL</strong> <strong>Issue</strong> #<strong>65</strong><br />
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