Solana NFT Marketplace Magic Eden closes $130M Series B round at $1.6B valuation #Crypto #cryptocurrency

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On Tuesday, Magic Eden, a information/magic-eden-teams-up-with-overtime-to-elevate-sportsnft-utility”>in style nonfungible tokens (NFTs) platform on the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour buying and selling quantity, information-releases/magic-eden-closes-130m-series-b-round-co-led-by-electric-capital-and-greylock-at-1-6b-valuation-301571902.html” goal=”_blank” rel=”noopener nofollow”>introduced that it had closed a Series B round for $130 million. The funding round was led by traders similar to Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital and valued the agency at $1.6 billion.

The newly-infused capital will probably be used to increase the corporate’s major and secondary marketplaces, discover multi-chain alternatives, enable new hirings, and to be used in analysis and growth. Since its inception in September 2021, {the marketplace} now receives a mean of twenty-two million distinctive month-to-month periods and sees over 40,000 NFTs traded day by day.

Magic Eden’s Launchpad has additionally onboarded over 250 initiatives to this point. In addition, it affords customization, advertising help, and operational execution to new nft collections coming onto the first market. Meanwhile, its secondary market covers over 7,000 listings and sees over 92% of all nft quantity on Solana.

Furthermore, Magic Eden has additionally launched over 50 video games and metaverse initiatives. In that section, the agency oversees 90% of all gaming NFTs on Solana traded on its market. Regarding the event, Zhuoxun Yin, chief working workplace and co-founder of Magic Eden, commented:

“We’re thrilled to have the continued help of our traders and group and look ahead to delivering on Solana and past.”