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Bringing its valuation to a staggering $1.6 billion, leading non-fungible token (NFT) marketplace Magic Eden raised $130 million in a Series B funding round.
Proceeds of the round, co-led by Electric Capital and Greylock, will be used by the platform to expand its primary and secondary marketplaces, as well as explore “multichain opportunities,” according to a press release.
Jack Lu, CEO of Magic Eden, said:
“We know that NFTs are the best way to bring people onto the blockchain.
NFTs are exciting, social and cultural experiences that bring connectivity to the world. We’ve made the conscious decision to support both our creators and users through this tremendous era of growth for both the company and the industry.”
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Turning to his Twitter audience, Lu added that this is only the start of an exciting future for his company:
“Even though we raised our Series B today, this is still Day 1 for Magic Eden”
Magic Eden is the top dog of the Solana NFT community, good for more than 90% of the ecosystem’s volume and displaying continued growth. Considering its daily transactions and volume, platform is closing in on rival NFT market OpenSea.