Solana NFT Marketplace Magic Eden Raises Paradigm-Led $27M Series A

Magic Eden Mobile App Gid 5

In short

  • Magic Eden, the top Solana NFT market, raised a $27 million Series A round.
  • The platform prepares to broaden its group, launch a video gaming vertical, and more.

OpenSea might lead the world of Ethereum NFT markets, however there’s a different community getting steam on the Solana blockchain– and Magic Eden has a likewise commanding lead because area. Today, Magic Eden revealed that it’s raised $27 million to broaden its aspirations.

The Series A round was led by Paradigm, with involvement from Sequoia, Solana Ventures, Greylock, Kindred, Electric, andVariant Magic Eden prepares to utilize the funds to work with more staff members, develop out its video gaming vertical, check out collaborations, and establish a full-service mobile app for purchasing and offering NFTs.

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“Magic Eden will be much more than a place for users to purchase NFTs,” co-founder and CEO Jack Lu stated in a declaration. “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.”

Magic Eden commands a frustrating share of the Solana NFT market. According to information from analytics firm DappRadar, Magic Eden has actually produced about $461 million worth of NFT trading volume over the previous 30 days, compared to simply $12 million for the next-highest Solana market, Solanart.

In any case, the Ethereum- based market OpenSea has a broad general lead in the NFT market, logging some $2.19 billion worth of trading volume in the previous 30 days, per DappRadar.

Magic Eden and its financiers are wagering that increasingly more users will gravitate towards a platform with lower charges and a more affordable typical NFT list price. Magic Eden is currently producing more regular monthly deals, with 4.64 million over the previous 30 days compared to 2.28 million for OpenSea.

However, OpenSea might quickly challenge Magic Eden straight. In January, dripped screenshots from kept in mind blog writer and hacker Jane Manchun-Wong revealed Solana combination on OpenSea, which has yet to be formally revealed or contributed to the platform.

An NFT imitates a deed of ownership to a special digital product, typically art work, antiques, or computer game products. The broader market reached $25 million in overall trading volume in 2021, with the large bulk of that originating from Ethereum.

In February, Magic Eden revealed the launch of a DAO, or decentralized self-governing company, called Magic DAO. The DAO will let users who hold a Magic Ticket NFT– airdropped free of charge to leading users– have a say in the future of the market.

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