NFT News: Magic Eden Closes $130M Series B Funding at $1.6B Valuation

Magic Eden, a San Francisco, CA-based community-centric NFT marketplace, closed a $130m Series B funding round

iexclusivenews reports that Magic Eden accounts for over 90% of NFT trading volume on Solana

This online news outlet understands that Magic Eden, is a popular nonfungible tokens (NFTs) platform on the Solana (SOL) blockchain.

With a 24-hour trading volume of 112,927 SOL ($4 million). Said on Tuesday that it has concluded a $130 million Series B financing.

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Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm, and Sequoia Capital led the funding round, which valued the company at $1.6 billion.

The funds will be used to expand the company’s major and secondary marketplaces.

Investigate multi-chain potential, hire new employees, and conduct research and development.

The marketplace presently receives an average of 22 million unique monthly sessions. And sees over 40,000 NFTs transacted every day since its launch in September 2021.

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Magic To date, Eden’s Launchpad has onboarded over 250 projects.

It also provides fresh NFT collections on the primary market with customization, marketing assistance, and operational execution.

Meanwhile, iexclusivenews Nigeria reports that Solana’s secondary market has over 7,000 listings and accounts for over 92 percent of all NFT volume.

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Magic Eden has also released more than 50 games and metaverse projects.

In that section, the company is responsible for 90 percent of all gaming NFTs sold on Solana’s marketplace.

Zhuoxun Yin, Magic Eden’s COO and co-founder, commented on the development:

“We’re thrilled to have the continued support of our investors and community and look forward to delivering on Solana and beyond.”