Magic Eden is one of the leading non-fungible token (NFT) marketplaces on Solana. In March of this year they raised a $27 million Series A led by Paradigm, Sequoia, and Solana Ventures. Magic Eden just announced another successful raise of $130 million in a Series B funding round co-led by Electric Capital and Greylock. This now brings the platform to crypto unicorn status with a $1.6 billion valuation. The company says it plans to use the funds to expand its primary and secondary marketplaces, as well as explore “multichain opportunities”.
Magic Eden is currently one of the leading marketplaces for the Solana NFT community. Apparently handling more than 90% of the ecosystem’s volume and picking up steam in recent months despite the market turbulence. The marketplace is now thought to be rivaling OpenSea in daily transactions and volume, occasionally surpassing it.
Magic Eden just hit another huge milestone with 20,000,000 $SOL in total volume – announced just hours ago on Twitter. It took them 7 months to get to 10 million, and only 2 months to double that number to 20 million.
