Jack Lu
- Co-Founder and CEO at Magic Eden
GetLatka interview
How Magic Eden Hit $8M in Monthly Revenue and a $27M Series A as the Second Largest NFT Marketplace (Interview with CEO Jack Lu)
Jack Lu (Co-Founder and CEO of Magic Eden) spoke to Nathan Latka on May 10, 2022.
Magic Eden figures from the interview
- Monthly Revenue (April 2022)
- $8M
- Series A Raised
- $27M
- Team Size (2022)
- 100
- Solana NFT Market Share (early 2022)
- 90% to 95%
“We started Magic Eden seven months ago. In that time, we've become the second largest NFT marketplace in the world. This month we're about to trade around 400 to $500,000,000 of NFTs on our marketplace, and one of the fastest marketplaces to reach cumulatively a billion dollars in GMV traded. So we did that in around four, five months.”
“We launched a site in fourteen days actually. So the first one was really sticky taped together to dare I say, but we launched fast and let the market tell us what we were doing right and what we're doing wrong.”
“We've got two main business lines. We've got a business line called Launchpad where we help artists launch their NFTs for the first time, and that is absolutely what as you described, it's very much like artist outreach. Then we have another business, which is called secondary trading. So this is where the art is already in the hands of holders and they're trading it back and forth.”
Bio
After monitoring the crypto space and recognizing its great potential, particularly on Solana, Jack took the leap starting out at FTX, one of the industry’s leading exchanges where he worked within Partnerships and Corporate Development. Following this, Jack decided to fill the gap in the market for a community-focused interactive NFT ecosystem and marketplace, and launched Magic Eden which has witnessed one of the fastest paces of growth in crypto.
Company
Magic Eden
San Francisco, United States · Founded 2021
- Revenue
- $182.3M
- Funding
- $29.5M
- Team size
- 130
- Customers
- 900K