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Solana NFT market Magic Eden closes $130M Series B spherical at $1.6B valuation

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On Tuesday, Magic Eden, a well-liked nonfungible tokens (NFTs) platform on the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour buying and selling quantity, introduced that it had closed a Series B spherical for $130 million. The funding spherical was led by buyers akin to Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital  valued the agency at $1.6 billion.

The newly-infused capital will likely be used to broaden the corporate’s main and secondary marketplaces, discover multi-chain alternatives, enable new hirings, and to be used in analysis and improvement. Since its inception in September 2021, {the marketplace} now receives a mean of twenty-two million distinctive month-to-month classes and sees over 40,000 NFTs traded every day.

Magic Eden’s Launchpad has additionally onboarded over 250 initiatives up to now. In addition, it presents customization, advertising and marketing assist, and operational execution to new NFT collections coming onto the first market. Meanwhile, its secondary market covers over 7,000 listings and sees over 92% of all NFT quantity on Solana.

Furthermore, Magic Eden has additionally launched over 50 video games and metaverse initiatives. In that phase, the agency oversees 90% of all gaming NFTs on Solana traded on its market. Regarding the event, Zhuoxun Yin, chief working workplace and co-founder of Magic Eden, commented:

“We’re thrilled to have the continued assist of our buyers and neighborhood and stay up for delivering on Solana and past.”