Solana NFT marketplace Magic Eden closes $130M Series B round at $1.6B valuation

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On Tuesday, Magic Eden, a popular platform for non-fungible tokens (NFTs) on the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour trading volume, announced that it closed its Series B round for 130 million dollar. The funding round was led by investors such as Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital and valued the company at $1.6 billion.

The new capital will be used to expand the company’s primary and secondary markets, explore multi-chain opportunities, allow for new hires, and for use in research and development. Since its inception in September 2021, the market now receives an average of 22 million unique monthly sessions and sees more than 40,000 NFT trades daily.

Magic Eden’s Launchpad has also fielded over 250 projects to date. Additionally, it provides customization, marketing support, and operational implementation for new NFT kits coming to the primary market. Meanwhile, its secondary market covers over 7000 listings and accounts for more than 92% of Solana’s total NFT volume.

Moreover, Magic Eden has also launched more than 50 games and metaverse projects. In this segment, the company oversees 90% of all Solana gaming NFTs traded in the market. Regarding the development, Zhuoxun Yin, chief operating office and co-founder of Magic Eden commented:

“We are thrilled to have the continued support of our investors and community and look forward to introducing Solana and beyond.”

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