Magic Eden’s Valuation Up To $1.6 Billion As Additional Investment Of $130 Million Was Raised In Series B
As stated by Cryptoslam Solana is second to only Ethereum in terms of 24-hour NFT activity with $4.7 million in daily sales compared to Ethereum’s $15.3 million. Although many NFT collectors and investors chose Solana over Ethereum for the following reasons:
- Industry-standard
- Faster transaction times than Ethereum
- Lower costs than Ethereum
One of the marketplaces for Solana NFT, Magic Eden has experienced its spike following a new round of funding.
Facts about Magic Eden
Magic Eden is a community-centric company that works hard to be responsive, close to the ground, and in service to the best interests of our collections. They airdropped Magic Ticket to the community as a sign of their commitment. With this Magic Ticket, holders can access their discord-based DAO, MagicDAO, where interconnectivity is delivered through social programs and reward to the community.
Magic Eden is founded as far back as September 2021 to secure a place for buying and selling NFTs charging a 2% fee. It has rapidly grown to become the third-largest NFT marketplace following OpenSea and LooksRare.
Magic Eden’s Valuation pushed up to $1.6 billion
The Magic Eden’s valuation has been pushed up to $1.6 billion as an additional investment of $130 million was raised in series B. The moves surfaced despite the general crypto market’s bearish and NFT trading slum. This reaction revealed that the investors still see potential in the technology.
Magic Eden’s valuation Surged 10-fold
As stated by one of the investors, Avichal Garg, Managing Partner at Electric Capital which invested in both rounds said that the company’s valuation has surged 10-fold since march. Garg made it known clearly in one of the interviews;
“I’m not too worried about overpaying because the headwinds will last 18, maybe 24 months, not six years,”
Magic Eden Chief Executive Officer and co-founder, Jack Lu said;
“We weren’t intending to kick off another round immediately, but we had a lot of interest. A lot of investors still feel we are very, very early.”
Magic Eden COO, Zhuoxun Yin, said there is still investor appetite to bet on this market. The Magic Eden is still strategizing to increase its headcount.
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The plans of Magic Eden
- Hiring spree with its new investment capital
- To expand and Merge its collection of Magic Eden NFTs with its larger marketplace, Launchpad which has more than 250 projects.
DappRadar reports a daily volume of $4.32 million for Magic Eden. However, it accounts for more than 90% of all NFT transactions on Solana.
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
