Magic Eden Raised Capital Of $130 Million

Magic Eden, the leading NFT marketplace on Solana, says it has raised $130 million in funding amid a bad market turn.
Magic Eden Raised Capital Of $130 Million

This Series B funding round raised the valuation of Magic Eden to $1.6 billion, with the participation of Electric Capital and Greylock.

Magic Eden said it will use the newly raised capital to further expand its NFT trading market, as well as explore the possibility of “expanding to many other blockchains”.

Jack Lu, CEO of Magic Eden, said:

“I think when you think about different use cases in crypto overall, right now it’s clear NFTs are a bridge from the average consumer to the blockchain world. It’s cultural, it’s about communities on the internet and is much more emotionally relatable.”

Magic Eden is the leading NFT marketplace platform on Solana currently, accounting for over 90% of monthly transaction volume.

According to TheBlock, Magic Eden has only recorded $76.8 million in volume so far in June, down from $292 million in May.

Magic Eden Raised Capital Of $130 Million
Statistics of monthly NFT transaction volume on major marketplaces. Source: TheBlock

This also reflects the general situation of the NFT segment in recent times when continuously recording much unfavorable information as well as being affected by the plunge of the crypto market, making the total trading volume in June only $754 million, only 20% of May’s $4 billion figure. OpenSea is still the largest NFT marketplace in the market with a June volume of more than $528 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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