A new fund has been introduced, providing creators the opportunity to apply for sponsorship for their web3 projects on the Polygon network. The selected parties will receive financial support, as well as benefit from consulting, marketing assistance, technological support, and funding from Magic Eden to bring their innovative projects to the market.
In a statement, Magic Eden emphasized the challenges that the ecosystem faces in a market downturn and expressed a commitment to seek out and support the best and brightest project founders. The goal is to spark the next wave of NFT adoption, focusing on standout projects with uniqueness, scalability, and the ability to challenge the current NFT landscape.
The decision to launch Magic Eden’s creative fund aligns with the company’s strategic efforts to establish a more significant presence on the Polygon network. While initially established on Solana, Magic Eden has taken significant steps over the past year to expand its reach on Polygon.
In November 2022, Magic Eden added support for Polygon NFTs, followed by the addition of the ability to mint and trade Polygon NFTs for gaming purposes a month later. These moves reflect Magic Eden’s recognition of Polygon’s growing importance in the web3 gaming space and its potential to host its blue-chip NFT collections.
Magic Eden’s $1 million creative fund aims to support web3 projects on Polygon, focusing on uniqueness, scalability, and challenging the NFT landscape.
This fund complements Magic Eden’s recent efforts to expand its fund’s presence on Polygon, including adding support for Polygon NFTs in November 2022 and the ability to mint and trade Polygon NFTs for gaming in December 2022. This initiative is part of Magic Eden’s larger strategy to foster innovation and support emerging talents in the NFT space.