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Magic Eden, an NFT Marketplace, raises $130 million for producers and collectors

Magic Eden, the largest Solana NFT marketplace, said on Tuesday that it had raised $130 million in a series B funding round, bringing its value to $1.6 billion.

Electric Capital and Greylock were in charge of the investment, and Lightspeed Venture Partners joined as a new anchor investor. Paradigm and Sequoia Capital, which had already invested, also took part.

Magic Eden says that the money will be used to improve the company’s primary and secondary markets so that the NFT (non-fungible token) creator and collector experience will be better.

The main marketplace, Magic Eden Launchpad, is a special service for Solana creators that has helped more than 250 projects get started so far.

“We want to be there for you at every step of the long creative process: before the mint, during the mint, and after the mint.” Magic Eden CEO Jack Lu said, “We’ve always had a close relationship with our creators, and we want to build more tools for operations, marketing, and tech support.”

Concerning the company’s secondary market, which makes up 92 percent of the Solana NFT market share, the plan is to look into multi-chain opportunities, invest in the team, and improve the user experience by giving them more insights, analytics, and trading tools.

Also, after launching the Eden Games platform earlier this year, the company plans to build on its first steps into NFT gaming. It will also use cash to study the potential of multiple chains to bring in new users and projects, because it thinks that “the future is ultimately cross chain.”

Magic Eden wants to grow over the next 10 years, no matter how the market changes. “The goal of Magic Eden is to shape the future of NFTs by helping the next generation of digital artists and introducing the next billion people to Web3,” said Lu.

“We want to be there every step of the way of the long creator journey: pre-mint, launch, post-mint. We have always known our creators deeply, and we intend to develop other tools across operations, marketing and tech support,” Magic Eden CEO Jack Lu said.

Magic At the time of writing, there were 19,901,672 solana in Eden. Primates, Okay Bears, and Yeah Tigers are the NFT collections that have been traded the most in the marketplace over the past week.

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