Solana-Based NFT Marketplace Magic Eden Raised $1.6 Billion Valuation

The exciting moves in the crypto space continue these days and the latest ones involve Solana, the Ethereum challenger. Check out the latest reports below.

Magic Eden is the largest non-fungible token (NFT) marketplace on the Solana blockchain, and it has raised $130 million in a Series B funding round and is now valued at $1.6 billion.

The Block online publication notes that the Electric Capital and Greylock Partners led the round, with Lightspeed Venture Partners and previous investors Paradigm and Sequoia Capital also participating, according to an announcement on Tuesday.

It’s also worth noting the fact that Magic Eden’s Series B round comes just three months after it unveiled a $27 million Series A round led by Paradigm.

As the same online publication that we mentioned above notes, at the time, the firm didn’t disclose its valuation, but it was valued at up to $162 million, according to Dealroom estimates. That means Magic Eden’s valuation has soared nearly nine times in just three months.

One other issue that was brought up is the fact that investors were attracted by Magic Eden’s fast-growing share of the market on Solana. This is what the co-founder and CEO Jack Lu told The Block in an interview.

According to The Block’s Data Dashboard, Magic Eden is currently the third-largest NFT marketplace by trading volumes. It was launched less than a year ago, specifically back in October 2021.

The NFT market is pretty exciting these days. As we already reported earlier today, the latest reports about the crypto space include eBay and you can see what the giant managed to achieve below.

It’s been revealed that the global commerce leader that connects millions of sellers and buyers around the world, and KnownOrigin, one of the most innovative non-fungible token (NFT) marketplaces, today announced that eBay has acquired KnownOrigin.