MagicEden, a NFT marketplace, has raised $130 million in a Series B round co-led by Electric Capital and Greylock Partners.
Lightspeed Venture Partners is a previous investor. The Series A closed in March.
The valuation more than ever proves the industry and market we are in. There is investor appetite to wager on this market. There is a lot to build and most of the use cases are still early, so we have an opportunity to build that.
The primary NFT marketplace, Launchpad, has over 250 projects, while the secondary marketplace has over 7,000 collections. MagicEden has an average of 20 million unique sessions per month and 50,000 Solana-based NFTs daily.
We weren't the first ones to start on Solana. We had to catch up. We built on the community's wants and did what they wanted to do and I think it served us well.
It will use the funds to expand its primary and secondary marketplaces, look into multi-chain opportunities, and improve its products.
Jack Lu, CEO of MagicEden, said that his company is user-first and wants to go where they are and serve them better. It is clear that NFTs are a bridge from the average consumer to theBlockchain world. It's cultural and about communities on the internet.
As the digital asset subsector took off in popularity, there has been an increase in the number of NFTs. The NFT buyers and sellers peaked in January and have since fallen from all-time highs.
Over the past three months, the monthly active users and transaction volume have increased.
Magic Eden made up for almost 97 percent of the market share for daily Solana NFT transactions as of June 1st, up 10 percentage points from a month ago.
It has been a fast and crazy ride. There was a lot of growth in the last cycle, but this is not compared to the future growth potential.
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