Solana-based NFT marketplace Magic Eden raises $27 million

The Solana-based non-fungible token marketplace Magic Eden has raised $27 million in a Series A round led by Paradigm.

Magic Eden became the leading NFT marketplace on Solana because of their devotion to building a simple, intuitive user experience. As NFTs break out, we are confident that the customer-obsessed team @MagicEden (@ZhuoxunYin @0xLeoInRio @sidazhang) can help lead the way. https://t.co/Van7cnGWDG

— Arjun Balaji (@arjunblj) March 14, 2022

The round also included Sequoia Capital, Solana Ventures, Greylock Partners, Electric Capital, and other venture firms.

In an interview with The Block, Magic Eden CEO Jack Lu said the funds would help the project focus on the blockchain-gaming sector. For this purpose, Eden Games, a content hub, has been launched to allow game publishers to share their landing pages.

“We account for more than 90% of turnover on the Solana gaming NFT secondary market,” Lu said.

The company also plans to open a Magic Ventures unit in the coming weeks and expand the team with new hires.

According to DappRadar, the marketplace leads Solana-based NFT platforms in trading volume and the number of traders.

In October, Magic Eden raised $2.5m in seed funding. To date, the project has raised $29.5m.

As reported, the NFT startup Immutable attracted $200m at a valuation of $2.5bn.

Subscribe to ForkLog’s channel on YouTube!