Magic Eden, a San Francisco, CA-based community-centric NFT marketplace, closed a $130m Series B funding round.
The round, which valued the company at $1.6 billion, was co-led by Electric Capital, Greylock, and Lightspeed Venture Partners, which joined as a new anchor investor. Other participants include previous investors Paradigm and Sequoia Capital.
The company intends to use the funds to expand the primary and secondary marketplaces, explore multi-chain opportunities, invest in the team as well as technology to enhance the user experience through improved insights, analytics, and trading tools.
Magic Eden’s goal is to define the future of NFTs by supporting the next generation of digital creators and introducing the next billion users to web3. Since its inception in September 2021, Magic Eden has become the leading platform for users looking to create, discover, and collect unique NFTs. The marketplace receives an average of 22 million unique sessions per month and sees over 40,000 NFTs traded daily.
Led by Jack Lu, CEO, and Zhuoxun Yin, COO, Magic Eden provides the Launchpad NFT marketplace, empowering users across thousands of digital communities to create, discover and collect NFTs. It offers customization, marketing support, and operational execution to new NFT collections coming onto the primary market. Complementing Launchpad is an active secondary NFT market, which allows creators and collectors alike to access added liquidity and gain entry to a wide breadth of NFT projects. The secondary market covers over 7,000 listed collections and sees over 92% of all NFT volume on Solana.
As the host of a community-centric marketplace, Magic Eden will invest in its relationships with top-tier collections to support their growth, including integration of their Solana Program Library (SPL) tokens for both minting and secondary sales, and the development of whitelabel marketplaces for collections and games such as Okay Bears, Mini Royale Nations, Genopets, and a marketplace partnership with Aurory. Its team will also play an active role in category development and expansion, such as gaming. Since introducing Eden Games, a games discovery portal, in March 2022, Magic Eden has launched 50+ games and metaverse projects and seen 90% of all gaming NFT volume on Solana traded on its marketplace.