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


On Tuesday, Magic Eden, a well-liked nonfungible tokens (NFTs) platform at 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 investment spherical was once led via traders similar to Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital  valued the company at $1.6 billion.

The newly-infused capital might be used to enlarge the corporate’s number one and secondary marketplaces, discover multi-chain alternatives, permit new hirings, and to be used in analysis and construction. Since its inception in September 2021, {the marketplace} now receives a median of twenty-two million distinctive per thirty days classes and sees over 40,000 NFTs traded day-to-day.

Magic Eden’s Launchpad has additionally onboarded over 250 initiatives so far. In addition, it gives customization, advertising make stronger, and operational execution to new NFT collections coming onto the main marketplace. Meanwhile, its secondary marketplace covers over 7,000 listings and sees over 92% of all NFT quantity on Solana.

Furthermore, Magic Eden has additionally introduced over 50 video games and metaverse initiatives. In that section, the company oversees 90% of all gaming NFTs on Solana traded on its market. Regarding the improvement, Zhuoxun Yin, leader working place of business and co-founder of Magic Eden, commented:

“We’re delighted to have the ongoing make stronger of our traders and group and sit up for handing over on Solana and past.”

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