Solana NFT marketplace Magic Eden has reached unicorn status after raising $130 million in a Series B round. The startup, which has been around nine months old, now stands at $1.6 billion. The latest round of funding was led by Greylock Partners and Electric Capital. Let’s have a closer look at Magic Eden NFT Marketplace and how it reached unicorn status.
About Magic Eden Reaching Unicorn Status
Today, Magic Eden announced it has closed a $130 million Series B fund. The round was also attended by Electric Capital, Greylock, Lightspeed Venture Partners and Paradigm. Magic Eden, which has a valuation of $1.6 billion now belongs to the elite unicorn club.
“We know that NFTs are the best way to bring people onto the blockchain,” said Jack Lu, CEO and co-founder of Magic Eden. “Since our inception we have made it a conscious decision to support our creators as well as our users during this incredible era of growth for the company and the industry. The best part is that we’re just getting started.”
The latest funding round comes just three months after Magic Eden raised $27 million Series A. Paradigm led March’s funding. It also saw participation from Sequoia Ventures, Electric, Greylock and Kindred.
How Will The Platform Use The Funds?
Primarily, Magic Eden will use the Series B funds to expand its primary and secondary marketplaces. It will also explore multi-chain opportunities, and invest in technology to improve the user experience. The company will improve its analytics and trading tools, as well as provide insights.
Ultimately, Magic Eden aims to “define the future of NFTs by supporting the next generation of digital creators”. It has a bold plan to bring the next billion users onto Web3.
“[This valuation] more than ever validates the industry and market we’re in,” Zhuoxun Yin, the company’s COO, told TechCrunch. Investors are willing to place bets on this market. We’re very bullish on the horizon, there’s a lot to build and most of the use cases are still early, so this gives us an opportunity to build that.”
What is Magic Eden NFT Marketplace?
Magic Eden is the leading decentralized NFT marketplace on the Solana network. It allows customers to trade, buy, and sell NFTs. It was founded in September 2021 by CEO Jack Lu, CTO Sidney Zhang, Chief Engineer Zhoujie Zhou, and COO Zhuoxin Yin.
Not even a year since its launch, Magic Eden has established itself as the go-to marketplace for Solana NFTs. As per DappRadar data, the platform has garnered $1. 47 billion in trading volume so far (at the time of writing). Besides, it boasts over 782,000 traders. What’s more, Magic Eden ranks second on the list of top marketplaces by the last 30-day trading volume.
Magic Eden is the third NFT marketplace to attain unicorn status. The others are OpenSea and LooksRare, currently at a valuation of $13 billion and $7 billion, respectively.
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