With new funds in hand, Magic Eden plans to leverage the $130 million funds to enhance its marketplace for creators and traders and integrate with other blockchain ecosystems besides the Solana-focused ones. NFT Marketplace Magic Eden, launched only nine months ago, raised $130 million in its Series B funding, led by Electric Capital and Graylock Partners, raising the valuation of the NFT Marketplace Magic Eden to $ 1.6 billion. Magic Eden, the NFT marketplace, which has already captured more than 90% of NFT volumes in the Solana-based exchange, announced it had raised another $130 million, raising its valuation to $1.6 billion.
The $130 million is going towards expanding Magic Eden’s primary and secondary NFT markets, exploring opportunities in the multi-chain space outside Solana-based, and improving its products, among others. Magic Eden said they would be using $130 million of the funds to expand their NFT exchange markets even more and explore expanding the possibility of extending into several more blockchains. Magic Eden, based in Solana, is said to broaden both primary and secondary markets and leverage the extra $130 million in support for NFT creators. Zhuoxun Yin, COO at Magic Eden and formerly Coinbase Product Manager, revealed the market plans to cater to notable NFT projects outside Solana-based and, in future, to support more blockchains.
Graylock believes that Magic Eden is the more exciting, long-lasting proposition from the Magic Eden launchpad to the built-in Marketplace APIs, allowing projects to run their side transactions. Magic Eden is a leading, community-driven NFT marketplace driving the following billion users into the Web3. Since unveiling Eden Games, the gaming discovery portal, in March of 2022, Magic Eden has launched over 50 games and metaverse projects and has seen 90% of the total volume in the games NFTs traded in Solana in a community-centric marketplace.
As crypto asset values dropped after March taking the price of NFTs with them, Magic Edens volume not only remained strong, but its trade counts through April and May increased. That is, the month-over-month active user and transaction volumes for all aggregated NFT transactions on Solana rose in consecutive months, according to data from Dune Analytics by Chuxin.
Jack Lu Co-Founder, Magic Eden, said that the volume of NFT transactions on his platform has grown over the last few months, even as SOLs price has dropped by over 80 per cent since its ATH. The cost of Solana has rallied over the previous five days in a row, with investors continuing to purchase coins on dips. Its Series B rise comes as the price of the NFT floor, the lowest price at which any non-fungible token can be bought in a set, slumped alongside the more comprehensive cryptocurrency market, suggesting that there is still excitement around well-performing companies.