Magic Eden NFT Marketplace Powered by Solana Raises $130M at $1.6B Valuation

Magic Eden NFT Marketplace Powered by Solana Raises $130M at $1.6B Valuation

Magic Eden NFT marketplace powered by Solana raises $130M at $1.6B valuation

Solana-based non-fungible token marketplace Magic Eden raises $130M in round Series B funding, according to a press release.

The round was led by Electric Capital and Greylock Partners. It also featured Lightspeed Venture Partners, Paradigm and Sequoia Capital. Investors valued the project at $1.6 billion.

In a conversation with The Block, Magic Eden co-founder Jack Lu said that the participants in the round were attracted by the rapid growth of the marketplace share in the Solana ecosystem.

Started less a year ago, the platform is the third largest trading platform in the NFT segment.

Magic Eden NFT marketplace powered by Solana raises $130M at $1.6B valuation

Data : Block.

Lu added that the marketplace is exploring the promising segment of gaming NFTs:

“Investors have been very optimistic about our expansion into this area.”

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The project team will use the funds raised to develop the NFT p2p marketplace and the Launchpad platform, which helps to issue collections of tokens. 

The developers also plan to support other blockchains besides Solana. Details of the multi-chain strategy will be published “in the coming weeks.”

The project team consists of about 100 people. The company intends to expand its staff by about 50% in the next 6-12 months, Lu noted.  

Recall that in March, Magic Eden raised $27 million in a Series A funding round.

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