Solana-based NFT marketplace Magic Eden has raised $130 million in a new Series B funding round, bringing its total valuation to $1.6 billion to hit unicorn status.
<h2>Magic Eden Secures $130M Funding</h2>
According to an official <a href="https://www.prnewswire.com/news-releases/magic-eden-closes-130m-series-b-round-co-led-by-electric-capital-and-greylock-at-1-6b-valuation-301571902.html" target="_blank" rel="nofollow noopener">press release</a>, Magic Eden has secured a $130 million <a href="https://www.cryptoknowmics.com/news/crypto-lender-babel-finance-hits-2b-valuation-after-series-b-funding/" target="_blank" rel="noopener">Series B</a> funding round led by Electric Capital, Greylock, and Lightspeed Venture Partners. Other participants include previous investors Paradigm and Sequoia Capital.

The company plans to use the funds to expand its primary and secondary marketplaces, as well as explore “multichain opportunities.” Additionally, it also intends to invest in its team as well as technology to enhance the user experience through improved insights, analytics, and trading tools.

Commenting on the move, the CEO and co-founder of Magic Eden, Jack Lu, said:
<blockquote><em>"We know that NFTs are the best way to bring people onto the blockchain. 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."</em></blockquote>
<h2>Another One of Crypto Unicorns</h2>
The company last raised a $27 million Series A back in March with the latest Series B funding round labeling the company as a unicorn.

Launched in September 2021, its primary marketplace Magic Eden Launchpad has rolled out more than 250 projects since then. At the same time, its secondary market has over 7,000 listed collections and sees more than 92% of NFT volume on Solana.

Solana-based NFT Marketplace Magic Eden Hits Unicorn Status

Solana-based NFT marketplace Magic Eden has raised $130 million in a new Series B funding round, bringing its total valuation to $1.6 billion.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Solana-based NFT Marketplace Magic Eden Hits Unicorn Status

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