Magic Eden Raises $130 Million at $1.6 Billion Valuation

Magic Eden is a marketplace for nonfungible tokens on the Solana blockchain. As of now, Magic Eden handles over 90% of the market share for daily Solana NFT transactions. The company is rivaling with OpenSea, the leading Ethereum NFT marketplace. With the recent round, Magic Eden enters the unicorn club.

The funding round Series B was co-led by Electric Capital and Greylock Partners. Existing investors – Paradigm and Sequoia Capital – also took part in the round, as well as Lightspeed Venture Partners. The new funding will be used for primary and secondary marketplaces expansion, new multichain opportunities beyond Solana blockchain seeking, product improvements, and employee team increase.

Magic Eden, San Francisco, the USA, was founded by Jack Lu, Zhuoxun Yin, Sidney Zhang, and Zhuojie Zhou in 2021. The company’s primary NFT marketplace, Launchpad, has more than 250 projects. At the same time, the secondary marketplace has over 7000 collections. Overall, Magic Eden’s unique session number per month is 20 million, with 50 000 Solana-based NFTs minted daily. “At our heart, we are users first and want to go where they are and better serve them. I think when you think about different use cases in crypto overall, right now it’s clear NFTs are a bridge from the average consumer to the blockchain world. It’s cultural, it’s about communities on the internet and is much more emotionally relatable,” Jack Lu, CEO of Magic Eden.

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