High flying Solana-based NFT marketplace, Magic Eden, has raised an incredible $130 million through Series B funding. As a result, reaching an exceptional $1.6 billion valuation, and cementing its unicorn status in the process.
The fantastic effort came at the hands of lead investors, Electric Capital and Greylock Partners, with additional support provided by Lightspeed Ventures, Paradigm, and Sequoia Capital among others. The successful funding round will ensure a bright future for the platform and provide a springboard for its next stages of development.
— Magic Eden 🪄 (@MagicEden) June 22, 2022
Going forwards, Magic Eden will use the funds to scale up its operations and expand its incredible team. All the while, exploring new and innovative ways to make the Solana-based experience available farther afield, and open up support to a wide range of blockchains spread throughout the NFT ecosystem.
A lot has happened since Magic Eden opened its doors just nine months ago. Following which, a meteoric rise has seen it become the major driving force behind Solana NFT growth. Currently, it boasts an astounding 98% market share of the Solana-based NFT ecosystem, while maintaining a steady expansion seemingly unaffected by the encroaching crypto winter.
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