Magic Eden has reached the status of Unicorn after collecting $ 130M
Solana has reached Unicorn status after collecting $ 130 million in the NFT Marketplace Magic Eden Series B round. With this new funding, the nine-month-old startup is valued at 1.6 billion. Electric Capital and Greelock Partners co-led the latest funding round. Let’s take a closer look at what Magic Eden NFT Marketplace is and how it hits Unicorn status.
Magic Eden is about reaching unicorn status
Today, Magic Eden announced that it has closed the বি 130 million Series B fund. In addition to Electric Capital and Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital also participated in the round. With an estimated $ 1.6 billion hit, Magic Eden has now joined the alluring Unicorn Club.
“We know that NFTs are the best way to get people into the blockchain.” Says Jack Lou, CEO and co-founder of Magic Eden. “Since our inception, we have made conscious decisions to support both our manufacturers and users through this remarkable era for both the company and the industry. The best part is we’re just getting started. “
The latest funding round comes just three months after Magic Eden Collected A 27 million Series A.. In March, financing was led by Paradigm. In addition, it saw participation from Sequoia, Electric, Greylock, Kindred, Variant and Solana Ventures.
How will the platform use the funds?
Initially, Magic Eden Series B will use the funds to expand its primary and secondary marketplaces. In addition, it will explore multi-chain opportunities and invest in technology to enhance the user experience. The company plans to improve its features such as insights, analysis, and trading tools.
Finally, Magic Eden’s goal is to “determine the future of NFT by supporting the next generation of digital creators.” There are also ambitious plans to bring the next billion users to Web3.
“[This valuation] The company’s COO Zhuoxun Yin said TechCrunch. “Investors have an appetite for betting in this market. We’re very excited about Horizon, there’s a lot to create and most uses are still in the early stages, so this gives us a chance to create it. “
What is Magic Eden NFT Marketplace?
Magic Eden comes first Decentralized NFT Marketplace on Solana Network. Basically, it enables customers to create, buy, sell and trade NFT. It was founded in September 2021 by CEO Jack Lu, CTO Sidney Zhang, Chief Engineer Zhuji Zhou and CEO Zhuxin Yin.
Less than a year after its launch, Magic Eden has established itself as a go-to marketplace for Solana NFT. Such as Dapradar Data, the platform has so far achieved $ 1.47 billion in trading volume (at the time of writing). Also, it boasts more than 782,000 merchants. What’s more, Magic Eden ranks second on the list of top markets in terms of trading volume over the last 30 days.
Magic Eden is the third NFT marketplace to achieve unicorn status. Others are OpenSea and LooksRare, currently valued at $ 13 billion and $ 7 billion, respectively.
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