Wednesday, October 5, 2022

Magic Eden Attains Unicorn Status After a $130M Fundraise

Magic Eden, a Non-fungible Token (NFT) marketplace on the Solana network has earned its unicorn badge, after acquiring $130 million in a Series B financing round. The round brings the young firm’s valuation to $1.6 billion.

The session was jointly chaired by venture firms, Greylock together and Electric Capital. Other supporters include Sequoia Capital, Paradigm, and Lightspeed Venture Partners. 

The startup joins the league of OpenSea and LooksRare, becoming the third NFT marketplace to attain the $1 billion unicorn valuation.

With the new funds, Magic Eden will scale its primary and secondary marketplace and increase its NFT gaming collections. It already features over 34 blockchain games including Genopets and Aurory with over 430,000 subscribers per month.

Magic Eden will integrate other blockchain platforms to onboard new creators and projects. Although he didn’t mention the blockchains the platform will support, Zhouxun Yin, the platform’s co-founder, believes it’s a multi-chain world.

This recent round follows its previous fundraiser in March where it pulled $27 million.

Jack Lu, Magic Eden’s Co-Founder and CEO noted that the startup’s rising market share and popularity necessitated the series B financing round. He added that there was no plan to raise money again in such quick succession.

The community-centered startup differs from traditional NFT platforms in that it functions both as a primary and secondary outfit. Users can launch NFT collections using its “Launchpad” feature and also trade their work on the secondary market.

Just nine months since its inception, Magic Eden has risen to become the largest NFT marketplace on the Solana blockchain. It controls over 90% of daily NFT purchases on the network and mints over 50,000 Solana-based NFTs every day.

The cryptosphere has suffered a downward spiral following market conditions in recent times. Regardless, NFT-inclined startups have enjoyed funding for the expansion and growth of services.

Immutable X recently raised $200 million in a Series C financing round while Nested was boosted by $7.5 million in a round led by Alan Howard.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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