Solana NFT marketplace Magic Eden closed $130M Series B round
Solana NFT marketplace Magic Eden has raised $130 million in a Series B funding round led by Electric Capital and Greylock Partners, along with venture capital firms Lightspeed Venture Partners, Sequoia Capital, and Paradigm. The funds will be used to develop primary (Launchpad) and secondary (Magic Eden) marketplaces and explore multi-chain opportunities beyond Solana.
In March, Magic Eden raised $27 million in Series A financing. The company has now reached unicorn status and is valued at $1.6 billion.
The nine-month-old community-focused marketplace markets itself as a “home to the next generation of digital creators.” It has launched MagicDAO, where holders of one of the 30,000 airdropped Magic Tickets can connect and make decisions around the marketplace’s future.
Magic Eden’s Launchpad has successfully launched 250 NFT projects so far and offers customization, marketing, and operational support for new collections. The secondary market allows users to access liquidity and explore a vast number of collections. Magic Eden has a zero listing fee and a 2% transaction fee.
According to the company’s website, the marketplace receives over 10 million monthly visitors and more than 100,000 daily wallet connections. Magic Eden is responsible for over 90% of all Solana NFT gaming secondary trading volume, which amounts to $1.8 billion.
“NFTs are the best bridge to bring people into Web3 – they’re fun, social, and cultural experiences and make Web 3 so much more accessible to the average consumer,” Jack Lu, co-founder, and CEO of Magic Eden said on Twitter.
“Since our inception, 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 best part is that we’re just getting started,” Lu commented.
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