Solana’s NFT marketplace Magic Eden has reached $1.600 billion in value after closing a successful funding round with Electric Capital, Sequoia Capital, and others.
Magic Eden is the largest market NFT on the Solana blockchain, with nearly $700 million in trading volume, currently.
This exchange has become the new unicorn of cryptocurrencies after closing a funding round of 130 million dollars, which was participated by several of the leading investors in the industry. The term “unicorn” is used to refer to those private equity companies, which are not listed on the stock exchange, whose market valuation reaches or exceeds 1.000 billion dollars.
Electric Capital and Sequoia Capital participate in the Magic Eden round
Crypto asset management firm Electric Capital and venture capital firm Sequoia Capital have participated in Magic Eden's Series B funding round. In this round, Solana's NFT marketplace raised $130 million from its investors.
Other investment firms such as Greylock, Lightspeed Venture Partners and Paradigm were also present in the NFT marketplace's capital round.
Through a Press release, the creators of Magic Eden reported that the new capital injected into the project has raised its market value to $1.600 billion.
The NFT platform's creators plan to use the new funds to expand the project's primary and secondary markets. They also indicated that they will explore multichain opportunities to expand into other blockchains and foster blockchain interoperability. They also plan to invest in team expansion and training and in technologies that will allow them to improve the user experience on the platform.
One of the main goals of Magic Eden's creators is to integrate new trading and analysis tools into the marketplace platform that will provide a broader view of the sector to NFT users, collectors and enthusiasts, in order to boost the entry of the next 1.000 billion people into the Blockchain industry and Web3.
Magic Eden, one of Opensea's biggest rivals
Although Magic Eden has not yet turned a year since its official launch, which took place in September 2021, this NFT marketplace positions itself as one of the main rivals of Opensea, the largest NFT marketplace platform in the industry today, based on the Ethereum blockchain.
In Magic Eden, users trade More than 40.000 NFTs per day, the company revealed. The daily trading volume of this NFT marketplace reaches 117.240 SOL at the time of writing this article; which amounts to about $387.890 according to the current price of Solana (SOL) on the market.
The total volume traded with NFTs on Magic Eden is 20.052.069 SOL.
Thanks to the explosive growth that NFTs have experienced since last year, Magic Eden has become the most important non-fungible token market on the Solana network, which in turn positions itself as the 9th largest cryptocurrency and blockchain in the industry by market capitalization.
The social, cultural and artistic experience of NFTs
Magic Eden co-founder and CEO Jack Lu alludes that the exciting experiences users can experience through NFTs, on a social and cultural level, represent the best way to integrate people into Blockchain and Web3.
For this reason, Lu says that Magic Eden's goal is to support artists, content creators, video game developers and users in general to establish itself as one of the most prosperous and important NFT ecosystems, where they can innovate and continue to grow.
To date, Magic Eden has attracted 250 NFT projects to its platform.
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