Magic Eden, the foremost NFT market place on Solana, claims to have raised $ 130 million in funding amid a lousy market place flip.
This Series B funding round raised Magic Eden’s valuation to $ one.six billion, with the participation of Electric Capital and Greylock.
Magic Eden mentioned it will use the newly raised capital to additional broaden its NFT trading market place, as effectively as discover the probability of “expanding to many other blockchains”.
gm, ditched a Series B and we are now a $ one.six billion business soon after 9 months.
We get practically nothing of this development for granted. YOU, the creators and communities, have created our wildest dreams achievable.@GreylockVC @electric capital @lightspeedvp @paradigm @sequoia https://t.co/HOFywQrsfN
– Magic Eden (@MagicEden) June 21, 2022
Jack Lu, CEO of Magic Eden, mentioned:
“We know that NFT is the greatest way to entice customers to the blockchain. NFT is terrific entertaining and delivers a broad selection of social and cultural experiences to stimulate creativity. We have made the decision to help each customers and written content creators through this phase of development for the marketplace and the business. “
Magic Eden is at the moment the foremost NFT market place platform on Solana, accounting for in excess of 90% of the month to month transaction volume.
According to TheBlock, Magic Eden has recorded just $ 76.eight million in volume so far in June, down from $ 292 million in May.
This also displays the all round condition in the NFT section in current instances as it constantly data a whole lot of unfavorable data as effectively as remaining impacted by the collapse of the cryptocurrency market place, bringing the complete trading volume in June to just $ 754 million, only a fifth of that of. May $ four billion OpenSea is nevertheless the greatest NFT market place on the market place with June volume of in excess of $ 528 million.
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