Solana-Based NFT Marketplace Magic Eden Announces a $27M Series A Funding Round

Magic Eden, a non-fungible token (NFT) marketplace, has raised $27 million in a Series A funding round to expand its product and service offerings. The round was led by Paradigm and included contributions from Sequoia and Solana Ventures.

The company claims to be the largest NFT marketplace on the Solana blockchain, with more than 7.5 million SOL in transaction volume over the last six months. It also has a market share of more than 90% in the secondary trading volume of NFT games.

Magic Eden stated that the funds will be used to develop a gaming vertical and launch an NFT mobile application for browsing, minting, and trading NFTs.

The Solana ecosystem has benefited greatly from developers and traders looking for an alternative to Ethereum's high transaction fees. According to JPMorgan Research, Ethereum's NFT market share fell to 80% in January from 95% the previous year.

Magic Eden Yahoo Finance March 14 2022: Here