Magic Eden accounts for more than 90 percent of the total NFT trade activity on Solana.
The well-known nonfungible tokens (NFTs) platform Magic Eden, which runs on the Solana (SOL) blockchain and has a 24-hour trading volume of $4 million worth of tokens (112,927 SOL), revealed on Tuesday that it has successfully concluded a Series B round of funding for $130 million. The company received a valuation of $1.6 billion during the investment round, which was spearheaded by investors such as Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm, and Sequoia Capital.
The newly invested funds will be put to use in a variety of ways, including the growth of the company’s major and secondary markets, the investigation of prospects involving many chains, the facilitation of new hirings, and the conduct of research and development. Since it first opened its doors in September 2021, the market has grown to accommodate an average of 22 million distinct monthly sessions and currently facilitates the daily exchange of more than 40,000 NFTs.
Also read, How to mint an NFT on Solana?
Magic Eden’s Launchpad has accepted over 250 projects so far. Moreover, it provides customization, marketing assistance, and operational execution for new NFT collections entering the main market. Meanwhile, its secondary market has over 7,000 listings and accounts for more than 92 percent of all Solana NFT turnover.
In addition, Magic Eden has been responsible for the launch of over fifty other games and metaverse initiatives. Within this sector, the company is responsible for supervising ninety percent of all gaming NFTs on Solana that are exchanged on its marketplace. Zhuoxun Yin, chief operating officer and co-founder of Magic Eden, offered the following statement in regard to the latest development:
“We are delighted to have the ongoing support of our investors and the community, and we eagerly anticipate delivering on Solana and beyond.”
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