Funding Round Details
On a sunny Tuesday, Magic Eden, the go-to marketplace for NFTs on the Solana blockchain, struck gold by closing a Series B funding round, totaling a whopping $130 million. The investment, spearheaded by heavyweights such as Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm, and Sequoia Capital, boosts Magic Eden’s valuation to an impressive $1.6 billion. With $4 million in 24-hour trading volume and 112,927 SOL exchanged, they’re not just playing in the NFT space; they’re dominating it!
Plans for the Future
The fresh influx of capital will supercharge Magic Eden’s ambitions. Expect to see expansions in both their primary and secondary marketplaces, a deeper dive into multi-chain opportunities (because why stick to one when you can conquer them all?), and an increase in hiring to bolster their expertise. Furthermore, they’re keen on investing in research and development to keep their edge sharp.
A Growing User Base
Magic Eden has been rapidly gaining traction since its launch in September 2021. With an average of 22 million unique sessions each month, the platform has become a vibrant hub for NFT enthusiasts. They’re trading over 40,000 NFTs daily, resulting in a bustling community that’s hard to ignore!
Launchpad Success
Not only does Magic Eden thrive as an NFT marketplace, but its Launchpad has successfully onboarded over 250 projects. New NFT collections benefit from an array of support services, including customization and marketing assistance. When it comes to operational execution, they’ve got it all covered – a true one-stop shop for creators!
The Gaming and Metaverse Edge
In a world increasingly obsessed with gaming and virtual experiences, Magic Eden has answered the call by launching over 50 games and metaverse projects. The platform dominates this segment, controlling 90% of all gaming NFTs traded on Solana. With such a firm grip on gaming NFTs, they’re set to define what’s next in this exciting space.
Community and Investor Confidence
Zhuoxun Yin, the co-founder and chief operating officer, expressed elation at the ongoing support from investors and the community. “We’re thrilled to have the continued support of our investors and community and look forward to delivering on Solana and beyond,” he stated, hinting at exciting endeavors ahead.
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