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

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

The significant raise arrives amid the current crypto bear market.

On June 21st, Magic Eden, one of the most popular NFT marketplaces on the Solana blockchain, raised $130 million in a Series B round, valuing the firm at $1.6 billion.

According to the official statement, the funding, backed by Electric Capital, Greylock Partners, Paradigm, Sequoia Capital, and Lightspeed Venture Partners, will be used for expanding Magic Eden’s first and secondary marketplaces. In addition, it will be used for enrolling new employeeshighly prioritizing multi-chain possibilities, and boosting user experience via various trading and analytics tools.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Solana in Crypto? (Beginner-Friendly Animation)

What is Solana in Crypto? (Beginner-Friendly Animation) What is Solana in Crypto? (Beginner-Friendly Animation)

In fact, Magic Eden’s initial NFT marketplace, dubbed Launchpad, has more than 250 projects in its possession, whereas its secondary marketplace covers more than 7000 collections. On top of that, Magic Eden offers “marketing support, operational execution, and ultimate customization” to new non-fungible token (NFT) collections that are approaching the primary market.

As stated by Jack Lu, the CEO of Magic Eden, NFTs are the best possible way to win over a significant amount of people and introduce them to the crypto world, as well as blockchain technology. He added:

“NFTs are exciting, social and cultural experiences that bring connectivity to the world. We’ve made the conscious decision to support both our creators and users through this tremendous era of growth for both the company and the industry.”

The COO of Magic Eden Zhuoxun Yin also commented on the $130M closing and stated that such initiatives fuel the organization even more as it looks “forward to delivering on Solana and beyond.”

Currently, Magic Eden is ruling the Solana NFT community as it has rolled out over 50 games. Moreover, it is handling more than 90% of all gaming NFT volume.

It seems as though various corporations are not shying away from providing massive funds amid the current crypto market turmoil. For instance, a week ago, a venture capital firm True Global Ventures 4 Plus (TGV4 Plus) stated that it closed a $146M Follow On Fund. The funds were reportedly allocated to support Web3 startup initiatives within the firm’s portfolio, as well as other late-stage Web3-related projects.

Likewise, earlier in June, the largest crypto exchange Binance rolled out a $500M fund to give a helping hand to companies exploring the use of crypto and steering the utilization of Web3 and blockchain technologies.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree