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

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

The newly-infused capital will be used to expand the company’s primary and secondary marketplaces, explore multi-chain opportunities, allow new hirings, and for use in research and development. Since its inception in September 2021, the marketplace now receives an average of 22 million unique monthly sessions and sees over 40,000 NFTs traded daily.

Magic Eden’s Launchpad has also onboarded over 250 projects to date. In addition, it offers customization, marketing support, and operational execution to new NFT collections coming onto the primary market. Meanwhile, its secondary market covers over 7,000 listings and sees over 92% of all NFT volume on Solana.

Furthermore, Magic Eden has also launched over 50 games and metaverse projects. In that segment, the firm oversees 90% of all gaming NFTs on Solana traded on its marketplace. Regarding the development, Zhuoxun Yin, COO and co-founder of Magic Eden, commented:

“We’re thrilled to have the continued support of our investors and community and look forward to delivering on Solana and beyond.”

All Dutch and English crypto news!

Arbitrum (ARB) price drop signals opportunity as Algotech (ALGT) raises over $3M in three weeks

Potential rebound signals for Arbitrum (ARB) despite the current 18.54% price drop. Algotech utilizes advanced AI for sophisticated trading strategies. Algotech presale raises $3 million, attracting over...

Bitwise CIO: ‘Er gaat $1 biljoen aan vermogen naar Bitcoin stromen’

Bitwise Chief Investment Officer (CIO) Matt Hougan verwacht dat er 1 biljoen dollar aan institutioneel kapitaal richting Bitcoin zal stromen via de ETFs. In een...

Google’s inclusion of Bitcoin wallet balances sparks privacy debate

While some applaud the move toward mainstream adoption, privacy-centric Bitcoin supporters have raised concerns about centralized data aggregation. News Own this piece of crypto history Collect this article...

Wie gaat deze Solana tokens met 68% korting kopen?

De recentelijk failliet verklaarde cryptocurrency exchange FTX, staat op het punt om een grote hoeveelheid Solana-tokens te verkopen tegen een flinke korting. Het gaat om...

Beste exchanges

Koop je crypto bij Bitvavo