Solana NFT Startup Magic Eden Achieves Unicorn Standing, Raises 0 Million

Solana NFT Startup Magic Eden Achieves Unicorn Standing, Raises $130 Million

Solana NFT Startup Magic Eden Achieves Unicorn Standing, Raises 0 Million
(Picture: Picture by DEVI RAHMAN/AFP by way of Getty Picture) Guests view non-fungible token (NFT) works at an exhibition titled Indo NFT Festiverse at RJ Katamsi Gallery, Indonesian College of Artwork, combining artwork and know-how in Yogyakarta on April 13, 2022.

Regardless of the backdrop of a struggling crypto market, Magic Eden, a launchpad and NFT market on the Solana community, just lately closed a productive Collection B funding spherical with a complete of $130 million in assured funding. .

Magic Eden raises valuation to $1.6 billion to attain unicorn standing

This spherical was led by Electrical Capital and Greylock Companions and featured outstanding blockchain companies and enterprise capital funds participated. Publish-closing, Magic Eden efficiently raised its complete valuation to $1.6 billion, giving it unicorn standing out there regardless of dire situations.

A few of the in style startups and incubators that joined the funding spherical embody Lightspeed Enterprise Companions, Paradigm, and Sequioa Capital. In keeping with Zhuoxun Yin, COO of Magic Eden, this growth “additional validates the trade and the market we’re in.”

“There’s an investor urge for food to guess on this market. We’re very bullish on the horizon, there’s a lot to construct on and a lot of the use circumstances are nonetheless early, so this offers us a chance to construct on that,” he says. Yin.

What’s the Magical Eden?

Magic Eden is an NFT platform on the Solana blockchain that was created to help the general public sale of NFTs, catering to at this time’s rising digital collectibles. It additionally has a local NFT market the place folks can conveniently and affordably purchase, promote, and commerce NFTs of various varieties with one another.

Magic Eden additionally hosts a launch pad by itself market, which has already supported greater than 250 tasks, facilitated the buying and selling of round 7,000 NFT collections, and contributed greater than 92% of NFT transactions on Solana.

In keeping with Magic Eden, the funds raised shall be allotted to broaden the venture’s main and secondary NFT markets and innovation of its current merchandise. Greater than that, an allowance can even be supplied for initiatives seeking to discover multi-chain tasks.

The place are NFTs headed?

Jack Lu, CEO of Magic Eden, notes that each one upcoming developments will give attention to making enhancements which might be buyer responsive. Lu additionally expressed his religion within the real-world usefulness of NFT.

“I feel when you concentrate on totally different use circumstances in crypto usually, it is clear proper now that NFTs are a bridge between the typical shopper and the blockchain world,” Lu mentioned.

In reality, Magic Eden has gained quite a lot of help because the push for NFT tasks in latest months. In March, Magic Eden additionally raised greater than $27 million in a Collection A funding spherical.

“We did not intend to start out one other spherical immediately, however we had numerous curiosity,” provides Lu.

Magic Eden is now thought of the second largest NFT market out there when it comes to transaction quantity. Now follows OpenSea, an Ethereum-based NFT protocol as properly. Stories additionally say Magic Eden’s annual income run charge is already $100 million.

Avichal Garg, managing accomplice of Electrical Capital, mentioned in a Bloomberg report that Magic Eden will respect extra in worth because the years go by. “You need to be affected person with cryptocurrencies,” Garg mentioned.

Additionally learn: Robinhood needs to permit customers to retailer cryptocurrencies and NFTs on its platform

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