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- The popular Solana NFT marketplace Magic Eden has recently secured $130 Million via a Series B funding round.
- Greylock, Electric Capital, Sequoia Capital, Lightspeed Venture Partners, and Paradigm were the ones leading the round.
- Focused on the company’s primary and secondary marketplaces, enabling new hirings, etc., the Solana NFT marketplace plans on growing by leaps and bounds through the funds.
Magic Eden, the popular Non-Fungible Tokens (NFTs) platform on the Solana (SOL) blockchain, has recently announced that it had closed a Series B round for $130 Million.
This funding round was headed by investors including Greylock, Electric Capital, Sequoia Capital, Lightspeed Venture Partners, and Paradigm, valuing the entity at $1.6 Billion.
The freshly injected capital is focused on expanding the company’s primary and secondary marketplaces, enabling new hirings, exploring multi-chain opportunities, and further utilizing it in research and development.
Following the marketplace’s commencement in September last year, it now gets an average of 22 Million unique monthly sessions and witnesses more than 40,000 NFTs traded on a daily basis.
The Launchpad of Magic Eden has also integrated more than 250 projects by far. Additionally, it provides marketing support, customization, and operational execution to new Non-Fungible Token (NFT) collections entering the primary market.
At the same time, the secondary market takes care of more than 7,000 listings and witnesses over 92% of all the Solana NFT volume. The Solana NFT marketplace also rolled out over 50 games and metaverse projects. The company looks over approximately 90% of all the gaming NFTs on the Solana network traded on its marketplace.
According to the chief operating officer and co-founder of Magic Eden, Zhuoxun Yin, who highlighted the development, they are thrilled to have the continued support of their investors and community and look forward to delivering on Solana and much more.
Solana NFTs are gaining quite a traction from the Non-Fungible Tokens (NFTs) enthusiast lately, and with this funding round, the network would further grow in the NFT space.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
