August 16, 2022

Solana NFT Marketplace to add more Value to NFT Sector

On Tuesday, Magic Eden made an announcement in regards to successfully completing its funding round. As per the officials, it was the Series B round that they successfully completed. Magic Eden has confirmed that from the funding round, they have generated $130 million.

Solana-Based NFT Platform

For those unaware of Magic Eden, it is one of the major platforms that is known for providing non-fungible token (NFT) related services. The platform is based on the Solana blockchain. It reportedly observes a 24-hour trading volume that equates to $4 million.

Magic Eden team has confirmed that the particular funding round they held was led by many investors. Some of the prominent investors who participated in the funding round were Sequoia Capital, Paradigm, Lightspeed Venture Partners, Greylock, and Electric Capital.

Following the success of the funding round, the overall valuation of the Magic Eden project has increased to $1.6 billion.

The Allocation of Funds

Magic Eden officials have shared the plans and goals they want to achieve with the money they have generated from the funding round. Their first and foremost aim is the expansion of their marketplaces for NFTs. They have the primary and secondary marketplaces that they want to expand with the raised funding.

Additionally, they want to use the funds for research and development purposes, for new hiring and explore opportunities within the multi-chain space.

The Magic Eden NFT marketplaces have been around for 18 months and they observe daily trades of almost 40,000 NFTs. Moreover, the platform also records more than 22 million unique sessions on a monthly basis.

More Achievements by Magic Eden

Magic Eden has also acted as a Launchpad for many projects. So far, it has supported more than 250 projects. Apart from providing a marketplace, it also provides support in marketing, offers customization, and new NFT collections’ operational execution. Magic Eden offers all these services for the primary marketplace.

Then comes the secondary marketplace which is responsible for moving more than 92% of the volume for non-fungible tokens on Solana. It is also known for monitoring the listing of more than 7,000 NFTs on the platform.

Magic Eden’s Expansion in Metaverse Gaming

In addition to the NFT world, Magic Eden has also explored the metaverse gaming industry on a large scale. So far, it has launched more than 50 games into the metaverse gaming sector. This is a huge achievement for Magic Eden as it is gradually becoming one of the most demanded platforms within the metaverse sector.

With the recent funding session, Magic Eden will eventually be able to do so much more in the NFT and metaverse sector. It is also going to provide a huge backup to SOL in the upcoming days helping to boost its trading price in near future.

The announcement has already worked its wonder in favor of Solana. At the time of writing, the trading price of SOL is $36.17, gaining 6.17% growth in the past 24 hours.

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