Reports said that Magic Eden, a popular nonfungible tokens (NFTs) platform on the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour trading volume, has announced that it had closed a Series B round for $130 million.
It has been reported that the funding round was led by investors such as Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm, and Sequoia Capital valued the firm at $1.6 billion.
However, the newly-infused capital will be used to expand the company's primary and secondary marketplaces, explore multi-chain opportunities, allow new hirings, and for use in research and development. Since its inception in September 2021, the marketplace now receives an average of 22 million unique monthly sessions and sees over 40,000 NFTs traded daily.
The report said that Magic Eden's Launchpad has also onboarded over 250 projects to date. In addition, it offers customization, marketing support, and operational execution to new NFT collections coming onto the primary market. Meanwhile, its secondary market covers over 7,000 listings and sees over 92% of all NFT volume on Solana.
Likewise, Magic Eden has also launched over 50 games and metaverse projects. In that segment, the firm oversees 90% of all gaming NFTs on Solana traded on its marketplace.
Thus, Zhuoxun Yin, the Chief Operating Officer and Co-founder of Magic Eden, commented:
"We're thrilled to have the continued support of our investors and community and look forward to delivering on Solana and beyond."