Solana NFT Marketplace Magic Eden Raises $130M, Plans Multi-Chain Expansion


Simply put

  • Magic Eden, the leading Solana-based NFT marketplace, has raised $ 130 million with a $ 1.6 billion valuation.
  • The market will expand beyond Solana to include other platforms.

Magic Eden, NFT Currently the majority Solana The market is preparing for expansion. Today, the startup announced that it has raised $ 130 million in Series B funding with plans to extend beyond the Solana ecosystem.

Series B rates Magic Eden, which was founded last September, at $ 1.6 billion. It makes it the latest crypto “unicorn” with a valuation of over $ 1 billion. Electric Capital and Greylock jointly led the round, and new investor Lightspeed Venture Partners also joined with former investors Paradigm and Sequoia Capital.

Magic Eden will be removed in just three months since the last fundraising announcement. $ 27 Million Series A The round revealed in March. Jack Lu, CEO and co-founder of Magic Eden, said: Decryption The startup didn’t plan to raise money so quickly, but he said he was able to build a battlefield with rising market share and a growing presence in NFT games.

“We didn’t want to feel resource-constrained, and we wanted to build for the next five to ten years,” he explained.

Building on other blockchain

Not only will it push the gaming industry even harder, Fractal’s main rivalTwitch co-founder Justin Kan’s Solana NFT gaming platform — Magic Eden will also add support for NFTs on other blockchain platforms.

“It’s clear that we’ve been in the multi-chain world for some time,” explains COO and co-founder Zhouxun Yin. He hopes that some types of NFTs such as games, artwork, music, etc. are coalescing around a particular blockchain platform and Magic Eden will serve them, but the market has adopted. I suggested not to specify the blockchain that I plan to do.

NFTs act like proof of ownership and often apply to digital products such as artwork, profile pictures, collectibles, and video game items. Solana is currently the second most popular platform after NFT Ethereum From the point of view of transaction volume.

The Solana ecosystem is showing signs of significant momentum in recent weeks, including multiple instances of the Solana NFT project. Topping all Ethereum projects With daily trading volume, and even a day with all Solana NFT trading volumes combined Break through that of Ethereum..

Lu noted the increasing influx of Ethereum NFT traders who are beginning to reach out to the Solana space, in addition to the diversification of NFT use cases in Solana. He also suggested that the “meta” of Solana’s NFT transactions change frequently, new trends emerge every few weeks, and the involvement and purchases of NFT collectors are maintained.

Magic Eden insists Share of about 90% or more Solana NFT of the secondary market. Despite the hype, OpenSea leads the entire NFT market Add Solana support April didn’t seem to have much effect. If anything, the co-founder of Magic Eden thinks it was positive for the platform.

Yin said he saw the Solana and Ethereum profile photo collections “converge as a market”, which they had long expected. He added that both OpenSea and Rarible helped validate the space of the wider NFT community by adding Solana NFTs at the same time.

The crypto market plunge has plunged the wider NFT market in recent weeks, Solana (SOL) has lost about 60% of its US dollar value since the beginning of May, but Lu has recently increased Magic Eden’s SOL transaction volume. I said that I am doing it. several weeks.

As Magic Eden aims to extend to other blockchain platforms, co-founders are serious about eliminating the “more centralized / enterprise” OpenSea market, as Yin explained. I believe we are working on it. Community-centric DAO support approach..

Want to be a crypto expert? Make the most of Decrypt and send it directly to your inbox.

Get the biggest crypto news articles + weekly summaries and more!


Please enter your comment!
Please enter your name here