Solana blockchain based Magic Eden has raised $27 million in a Series A funding round. The funding will be utilized to develop ranging products and services.Â
As per reports, the funding round was led by Paradigm, with other participants being Sequoia, Solana Ventures, Greylock, Kindred, Electric, and Variant.
The funds will be used to hire more employees, prospective partnerships, build out gaming vertical and create a full-service mobile app for buying and selling NFTs.
Additionally, Magic Eden has also launched Eden Games, a content hub for game publishers today. The hub will allow publishers to share their landing pages custom-built by Eden Games.
Jack Lu, the co-founder and CEO explained, “We hold over 90% of market share for NFT secondary trading volume for all gaming NFTs on Solana. Game publishers really struggle to get enough eyeballs when sharing news and we want to serve as that platform.”
Reportedly, there are also plans to launch a venture unit, called Magic Ventures soon. Even though Lu refused to disclose further details on the venture, he did say that it will support community projects.
The organisation is also expanding its current team of 60 people by hiring across departments and that includes operations and marketing.
Launched as a side project last year, Magic Eden soon expanded its wings around other corners too. For instance, just recently, the Solana-based NFT marketplace Magic Eden had launched its DAO and also airdropped a NFT called ‘Magic Ticket’ to its existing users’ active wallets.Â
