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Monday, January 30, 2023

Solana NFT marketplace Magic Eden closes $130M Series B round at $1.6B valuation

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On Tuesday, Magic Eden, a popular nonfungible tokens (NFTs) platform on the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour buying and selling quantity, announced that it had closed a Series B round for $130 million. The funding round was led by traders corresponding to Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital  valued the agency at $1.6 billion.

The newly-infused capital will likely be used to develop the corporate’s main and secondary marketplaces, discover multi-chain alternatives, enable new hirings, and to be used in analysis and improvement. Since its inception in September 2021, the marketplace now receives a median of twenty-two million distinctive month-to-month periods and sees over 40,000 NFTs traded every day.

Magic Eden’s Launchpad has additionally onboarded over 250 tasks to this point. In addition, it presents customization, advertising assist, and operational execution to new NFT collections coming onto the first market. Meanwhile, its secondary market covers over 7,000 listings and sees over 92% of all NFT quantity on Solana.

Furthermore, Magic Eden has additionally launched over 50 video games and metaverse tasks. In that phase, the agency oversees 90% of all gaming NFTs on Solana traded on its marketplace. Regarding the event, Zhuoxun Yin, chief working workplace and co-founder of Magic Eden, commented:

“We’re thrilled to have the continued assist of our traders and neighborhood and look ahead to delivering on Solana and past.”