NFT Marketplace Magic Eden secures Serie A worth $ 27 million

NFT Marketplace Magic Eden secures Serie A worth $ 27 million

Magic Eden, an NFT marketplace based in Solana, announced a series-A financing round of $ 27 million on Monday. The round was led by Paradigm with the participation of Sequoia Capital, Electric Capital, Greylock Partners, Kindred Capital, Variant Fund and Solana Ventures.

The increase will flow into the recruitment of the personnel, future partnerships and product development.

Jack LU, CEO and co -founder of Magic Eden, told Blockworks that the financing will be “expanding [Them] as a company, including the cessation of the best talents, improvement [their] product and infrastructure and investments in common initiatives.”

These initiatives include Magicdao, a recently carried out attempt to establish a decentralized autonomous organization (DAO), which is controlled by the NFF-Fungable token) Magic Ticket of the startup. The project distributed 30,602 of such tickets that provide access to the group's discord channels to community members and plans to include these members in governance decisions in the future.

Magic Eden has recorded a total trading volume of over $ 736 million since its introduction last year and, according to the data dashboard, has established itself as the largest Solana marketplace dappradar .

The trade volume for Magic Eden, however, has decreased by 85.76 % last month to around $ 41 million-which reflects the performance of the wider NFT market.

The commercial and transaction volume of the NFT marketplace OpenSea was also declining 22.4 % and 11.61 % in the past month. In contrast to Magic Eden NFTS on Ethereum and Polygon.

Paradigm, which launched a crypto fund worth $ 2.5 billion last November, is also an investor in Openea. Benjamin Cohen, managing partner of the crypto fund web 3 equities, said to Blockworks beforehand when a market is as fast as OpenSea, be "to accept the [IT] great fluctuations and corrections."

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The contribution NFT Marketplace Magic Eden Secures $ 27m Series A is not a financial advice.