Solana’s Top NFT Marketplace Magic Eden Announces $27M Raise

OpenSea Competitor Raises $27M

Magic Eden, an NFT marketplace based in Solana, has successfully completed its Series A financing round. 

Paradigm, a crypto-focused venture capital company, led Magic Eden’s Series A round. The raise was also supported by Sequoia Ventures and Solana Ventures as well as Variant, Greylock, Kindred and Electric. 

The NFT platform’s co-founder and chief executive officer, Jack Lu, said:

“Magic Eden will be much more than a place for users to purchase NFTs. Our goal is to make a clear distinction between Web2 and Web3, allowing creators, collectors, and supporters to engage with each other and lead the direction of their online interactions.”

The money raised in Series A is slated to be used for expanding Magic Eden’s team, (currently consisting of more than 60 full-time employees), investing in partnerships, building Web3 gaming verticals, and developing mobile applications for the NFT marketplace. 

Magic Eden launched MagicDAO recently. This included a 30,000 NFT collection drop. A DAO (Decentralized Autonomous Organization) is an autonomous, decentralized organization where members vote. Decisions are usually made based on tokens and NFTs. 

Magic Eden was launched last September, and it accounts for the vast majority of the Solana blockchain’s NFT market share. 

While the company’s valuation has It is not yet been disclosed, the NFT industry’s dominant player, OpenSea, AttainedAn earlier valuation of $13.3 billion was made this year. 

The prominent venture firms that took part in Magic Eden’s Series A have invested frequently in the crypto space recently. For example, last November, Paradigm launched what was at the time the crypto industry’s largest-ever fund of $2.5 billion.  Solana Ventures was formed the next month. AnnouncementA $150 million Web3 gaming funding program. Paradigm and Sequoia both participated in the initiative. $1.15 trillionCitadel Securities was acquired in January. This was due to the potential of the market maker to integrate digital assets into its business model. Sequoia Capital incorporated digital assets into its business model on Feb. 17. Announcement an up to $600 million crypto fund, following Sequoia Capital India’s leading participation in Polygon’s $450 million investment round.

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