NFT Marketplace Magic Eden platform on Solana raised 130 million USD

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2022-06-21 10:43:40

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

NFT Marketplace Magic Eden platform on Solana raised 130 million USD

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:

“We know NFT is the best way to attract users to blockchain. NFT is a lot of fun, offering a wide range of social and cultural experiences to boost creativity. We have decided to support both users and content creators during this stage of growth for the industry and the company.”

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 USD in volume so far in June, down from 292 million USD in May.

This also reflects the general situation of the NFT segment in recent times when continuously recording many unfavorable information as well as being affected by the plunge of the crypto market, making the total trading volume in June only 754 million USD. , only one fifth 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.

Statistics of monthly NFT transaction volume on major marketplaces. Source: TheBlock

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