Solana NFT Marketplace Magic Eden Secures $130M in Series B Investment

  • Magic Eden, created in September, was valued at $1.6 billion after the Series B round.
  • Just three months ago, Magic Eden had announced a $27 million Series A round.

NFT marketplace Magic Eden, which now controls the great bulk of the Solana market, is preparing for growth. The firm revealed today that it has secured $130 million in Series B investment and is looking to grow outside the Solana ecosystem in the coming months.

Rapid Expansion Despite Downtrend Market

Magic Eden, created in September, was valued at $1.6 billion after the Series B round. As a result, it’s the newest crypto “unicorn” with a $1 billion or higher value. The investment was co-led by Electric Capital and Greylock, with Lightspeed Venture Partners and Paradigm and Sequoia Capital also participating.

Just three months ago, Magic Eden had announced a $27 million Series A round of funding. Magic Eden’s CEO and co-founder, Jack Lu, indicated that the firm didn’t intend to seek money again so rapidly but that its expanding market share and increasing NFT gaming footprint prompted him to build a war chest.

In addition to stepping up its efforts in the gaming sector, where Fractal, a Solana NFT gaming platform founded by Twitch co-founder Justin Kan, is a significant competitor. NFTs will be supported on additional blockchain platforms in the future by Magic Eden as well.

COO and co-founder Zhouxun Yin said, “It’s really clear that we are in—and we’ll be in—a multi-chain world for a while.” However, he refused to name any specific blockchains that Magic Eden planned to use. Instead, he stated that various NFTs, such as games, artwork, and music converge around specific blockchain platforms.

Digital assets such as profile photographs, collectibles, and video game items may all benefit from using an NFT as a form of ownership verification. Regarding trading volume, Solana is the second most popular NFT platform after Ethereum.

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