Magic Eden Is On a Mission to Educate Individuals to Become Smart Traders
Tiffany Huang, a former Marriott International Asia Pacific Brand Director, joined Magic Eden in early October to oversee marketing.
The Budding Growth of NFTs
According to Huang, one of the major challenges in carrying out the purpose of supporting the Web3 community is that NFTs are still in the nascent stage. Particularly when it comes to onboarding women into the crypto space.
Huang mentioned that just last week, she spent over an hour with a young acquaintance, elucidating how to receive an NFT to her. Huang realized how difficult it is to navigate through the procedure alone. From obtaining a Phantom wallet and Twitter account to using an index such as HowRareIs to shop an NFT, and finally joining discord for verification.
“I think the challenge to getting more people into space is that NFTs are really nascent. Men are in certain communities like gaming or in subcultures that enable them to get in faster and assimilate into the NFT culture. However, for women, it’s a taller order,” says Huang.
Many people across the globe are interested in stepping into the crypto space but lack the necessary knowledge, resources, and expertise. This is because the Web3 and Blockchain space can be very intimidating and overwhelming.
Whether the person is male or female, users of crypto space should gift NFTs to their friends. The moment a person receives NFT and understands the working mechanism, it soon becomes more accessible to them. In Huang’s opinion,
“At the end of the day, just being onboarded by someone they know is a fantastic experience and provides safety from someone who knows which projects are blue-chip from some random project off Twitter without any background information.”
Her portfolio is a 'mishmash of random stuff.' This includes sports-related NFTs, Thugbirdz, Pesky Penguins, and a fair amount of PFP projects. PFP or profile-pictures-based projects have been climbing the ladder brilliantly for a couple of months.
All due credits of the exponential increase in the fame of PFP go to CryptoPunks and Bored Ape Yacht Club. Huang notes that the increase of PFP ventures results in understanding how strong the community game is.
Besides the varied NFT collection, Huang also collects more utility-focused NFTs like The High Society - token gated entry to sporting events or brands and Shadowy Super Coder DAO - primarily focuses on Solana RPC infrastructure.
What is Legal?
The leading NFT marketplace on Solana was chastised by its community for allegedly enabling too many 'copycat projects,' which weren’t 'distinct enough' from the original project.
Magic Eden is taking these 'derivatives' extremely seriously says Huang, as it continues to onboard new projects to its platform.
“We don’t want original creators to feel miffed when they see another collection that closely resembles theirs. We recently hopped onto a call with our lawyers to better understand the community perception surrounding copycats.”
According to Huang, the community believes that there are two kinds - copycats and good derivatives that are 'derivatized enough that it feels separate.' There was a point when the community was dissatisfied with Magic Eden because in the words of Huang it was perceived that 'we allowed copycats onto our site.'
“Initially, our rules were that unless it was a direct ‘copy and paste,’ we would put the project onto our marketplace and label it a ‘derivative,’ because it was easy for us to determine. Under our revised policy, we are operating to be good stewards of this ecosystem, and reserves the right to refuse projects that are copy cats or scams.”
The legal landscape has opted to open doors for discussions around the crypto space. Now, there is a need for the application of a subjective standard of 'distinction' from the court’s end. Additionally, the means to address the 'likelihood of consumer confusion' element to prove infringement.
However, on the other hand, judges are hesitant to rule, either due to not being able to comprehend the discussions or as they are afraid to become the 'first' to set new precedents, which have a high chance of being overruled.
What Will Be the Future of Magic Eden?
As stated by Huang, Magic Eden is presently working on its DAO, which will consist of objectives based on where the ecosystem should be headed - whether provide accessibility to connect online or educate individuals to become wise traders.
Working as a Marketing Lead, Huang states that her work is more than marketing products, it's a lot more about being proactive in the crypto space and taking time out to connect with the community, to advise them about the advantageous benefits that Twitter Spaces provides.
In conclusion, Tiffany Huang states,
“The takeaway is very simple for ETHDenver 2022 attendees – come to Solana and give us a shot. We welcome all of your friends and development teams.”
