On Tuesday, Magic Eden, a popular nonfungible tokens (NFTs) platform around the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour buying and selling volume, announced it had closed a set B round for $130 million. The funding round was brought by investors for example Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital valued the firm at $1.6 billion.
The recently-infused capital will be employed to expand the business’s secondary and primary marketplaces, explore multi-chain possibilities, allow new hirings, as well as for use within development and research. Since its beginning in September 2021, industry now receives typically 22 million unique monthly sessions and sees over 40,000 NFTs traded daily.
Magic Eden’s Launchpad has additionally onboarded over 250 projects up to now. Additionally, it provides personalization, marketing support, and operational execution to new NFT collections coming to the primary market. Meanwhile, its secondary market covers over 7,000 listings and sees over 92% of NFT volume on Solana.
In addition, Magic Eden has additionally launched 50 plus games and metaverse projects. For the reason that segment, the firm oversees 90% of gaming NFTs on Solana traded on its marketplace. Concerning the development, Zhuoxun Yin, chief operating office and co-founding father of Magic Eden, commented:
“We are thrilled to achieve the ongoing support in our investors and community and expect to delivering on Solana and beyond.”
