NFT Marketplace Magic Eden Secured $130 Million at a Valuation of $1.6 Billion
Electric Capital and Greylock led a $130 million Series B fundraising round for Magic Eden, the top non-fungible token (NFT) marketplace on Solana.
The raise comes as the company looks to capitalize on the growing popularity of NFTs, which have seen a surge in interest in recent months.
Magic Eden is the latest company to benefit from the investor frenzy around NFTs. The market for NFTs has exploded in recent months, with major sales by artists and celebrities driving up prices.
The new funding will help Magic Eden expand its platform and continue to build out its team. The company plans to use the funds to further develop its technology, grow its user base, and launch new features.
This latest funding round for the Magic Eden comes as no surprise given the recent explosive growth in the digital art and NFT markets. In just the past few months, we’ve seen a number of high-profile sales of NFT-based artworks, with some pieces selling for millions of dollars. With this growing interest and demand for NFTs, it’s no wonder that investors are eager to get in on the action.
The Magic Eden is one of the leading platforms for buying and selling digital art and other NFTs, so it’s not surprising that they would be able to command such a high valuation. What is surprising, however, is how quickly the market has grown. Just a few years ago, NFTs were barely on anyone’s radar; now they’re one of the hottest investment opportunities around. It’ll be interesting to see where things go from here.
With the new round of funding, Magic Eden plans to continue expanding its online marketplace to reach more buyers and sellers around the world. In addition, the company wants to explore opportunities for listing items on multiple blockchain platforms. This would give users more options for buying and selling items using different types of cryptocurrencies.
Magic Eden is now the leader of the Solana NFT community, managing over 90% of the ecosystem’s traffic and gaining popularity in recent months.
The Magic Eden fundraising comes amid an otherwise gloomy crypto atmosphere, with prices for the NFT ecosystem’s underlying currencies, such as SOL and ETH, falling by as much as 80% from their all-time highs in the previous year.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
