Summary:
- Solana-based NFT marketplace of Magic Eden has raised $130 million in a Series B round at a $1.6 billion valuation.
- The funds will expand Magic Eden’s primary and secondary marketplaces.
The Solana-based NFT marketplace of Magic Eden has raised $130 million in a Series B round led by Electric Capital and Greylock Partners. The new round of funding brings Magic Eden’s valuation to $1.6 billion and comes less than three months after closing a $27 million Series A funding.
$1.6B Magic Eden Valuation Validates the NFT industry and Market – Magic Eden COO.
Zhuoxun Yin, COO of Magic Eden, told TechCrunch that the valuation validated the NFT industry and market. He explained:
[This valuation] more than ever validates the industry and market we’re in. There’s investor appetite to bet on this market.
We’re very bullish on the horizon, there’s a lot to build and most of the use cases are still early, so this gives us an opportunity to build that.
Magic Eden Builds What the Community Wants – Magic Eden COO.
The funds raised will expand Magic Eden’s primary and secondary marketplaces. Furthermore, the team will look into opportunities beyond Solana and improve its products and other facets of its operations.
Mr. Yin also added that they would keep building what the community wants. He said:
When we started, we weren’t the first movers on Solana. We had to play catch-up. So this didn’t fall in our laps; we built on the community’s wants and did what they wanted to do and I think it served us well and is something we’ll continue to focus on.
Jack Lu, CEO of Magic Eden, reiterated that they operate on a user-first mantra, and NFTs were now ‘a bridge from the average consumer to the blockchain world.’ Non Fungible tokens are ‘cultural’ and ‘about communities on the internet, and are much more emotionally relatable.’
Magic Eden Partners with Kreaton.io, a London-based Solana NFT Agency.
Magic Eden raising $130 million in Series B funding comes less than a week after the NFT marketplace announced a strategic partnership with Kreaton.io.
The latter is a London-based Solana NFT agency, and the partnership will involve the building of ‘project-specific communities that extend beyond the initial NFT drop and allow fans to actively support their favorite artist/persona in the long term.’
[Feature image courtesy of @MagicEden on Twitter.]