Solana-based NFT Marketplace Magic Eden Hits Unicorn Status
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Magic Eden Secures $130M Funding
According to an official press release, Magic Eden has secured a $130 million Series B funding round led by Electric Capital, Greylock, and Lightspeed Venture Partners. Other participants include previous investors Paradigm and Sequoia Capital.
The company plans to use the funds to expand its primary and secondary marketplaces, as well as explore “multichain opportunities.” Additionally, it also intends to invest in its team as well as technology to enhance the user experience through improved insights, analytics, and trading tools.
Commenting on the move, the CEO and co-founder of Magic Eden, Jack Lu, said:
"We know that NFTs are the best way to bring people onto the blockchain. Since our inception, we've made the conscious decision to support both our creators and users through this tremendous era of growth for both the company and the industry. The best part is that we're just getting started."
Another One of Crypto Unicorns
The company last raised a $27 million Series A back in March with the latest Series B funding round labeling the company as a unicorn.
Launched in September 2021, its primary marketplace Magic Eden Launchpad has rolled out more than 250 projects since then. At the same time, its secondary market has over 7,000 listed collections and sees more than 92% of NFT volume on Solana.