Solana NFT marketplace Magic Eden closes $130M Series B round at $1.6B valuation By Cointelegraph



Solana NFT marketplace Magic Eden closes $130M Series B round at $1.6B valuation

On Tuesday, Magic Eden, a popular nonfungible tokens (NFTs) platform on the (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour trading volume, announced that it had closed a Series B round for $130 million. The funding round was led by investors such as Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital valued the firm at $1.6 billion.

The newly-infused capital will be used to expand the company’s primary and secondary marketplaces, explore multi-chain opportunities, allow new hirings, and for use in research and development. Since its inception in September 2021, the marketplace now receives an average of 22 million unique monthly sessions and sees over 40,000 NFTs traded daily.