The leading Solana-based NFT marketplace, Magic Eden, raises $130M in a Series B funding round valuing the platform at $1.6B, finally attaining the unicorn status.
Electric Capital and Greylock co-led the Series B round, with new investor Lightspeed Venture Partners also participating alongside previous investors Paradigm and Sequoia Capital.
According to the press release, the newly raised will be used to extend the company’s primary and secondary marketplaces and explore multi-chain opportunities.
The funds will be also used to invest both in team and technology to improve the user experience via better insights, analytics, and trading tools.
“Magic Eden’s goal is to define the future of NFTs by supporting the next generation of digital creators and introducing the next billion users to web3,” the press release states.
Jack Lu, CEO, and co-founder of Magic Eden stated “Since our inception, we’ve made the conscious decision to support both our creators and users through this tremendous era of growth for both the company and the industry. The best part is that we’re just getting started.”
Magic Eden will continue to invest in its relationships with big collections to support their growth, including the integration of their Solana Program Library (SPL) tokens for both minting and secondary sales.
The Magic Eden team will also be involved in category creation and expansion, such as gaming.
Zhuoxun Yin, COO, and co-founder of Magic Eden added “At Magic Eden, we take pride in building innovative products that are taken from our passionate community. We’re thrilled to have the continued support of our investors & community and look forward to delivering on Solana and beyond.”
Magic Eden is the third NFT marketplace to achieve unicorn status. The others are OpenSea and LooksRare, which are presently valued at $13 billion and $7 billion, respectively.
The current round of funding comes just three months after Magic Eden raised $27 million in a Series A round. Paradigm led the fundraising in March. Sequoia, Electric, Greylock, Kindred, Variant, and Solana Ventures participated in the round.
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