Key points to remember
- Magic Eden has raised $27 million in its Series A.
- Series A was led by Paradigm, and the funding is primarily for hiring, games, partnerships, and mobile apps.
- The same big venture capital firms have also poured money into other Web3 projects.
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Magic Eden has raised $27 million in a Series A led by venture capital firm Paradigm.
OpenSea competitor raises $27 million
Solana-based NFT marketplace Magic Eden has completed its Series A funding round.
Magic Eden today announced its $27 million raise via a Series A round led by crypto-focused venture capital firm Paradigm. Sequoia, Solana Ventures, Electric, Greylock, Kindred and Variant also participated in the increase.
NFT platform co-founder and CEO Jack Lu said:
“Magic Eden will be much more than a place where users can buy NFTs. Our goal is to make a clear distinction between Web2 and Web3, allowing creators, collectors and supporters to engage with each other. others and direct the direction of their online interactions.
The money raised in Series A is expected to be used to expand the Magic Eden team (currently made up of over 60 full-time employees), invest in partnerships, build Web3 game verticals, and develop mobile apps for the NFT market.
Magic Eden recently launched MagicDAO, which included a collection drop of 30,000 NFTs. A DAO is a decentralized autonomous organization, where decisions are made via member voting (usually based on tokens or NFTs).
Magic Eden was launched last September and accounts for the vast majority of Solana blockchain’s NFT market share.
Although the company’s valuation has not yet been disclosed, the dominant player in the NFT industry, OpenSea, hit a valuation of $13.3 billion earlier this year.
Major venture capital firms that participated in Magic Eden Series A have been investing frequently in the crypto space recently. For example, last November, Paradigm spear which at the time was the largest fund in the crypto industry at $2.5 billion. The following month, Solana Ventures announcement a $150 million Web3 games funding initiative. Sequoia and Paradigm took part in a $1.15 billion investment in Citadel Securities in January, noting the potential for the leading market maker to incorporate digital assets into its business model. On February 17, Sequoia Capital announcement a crypto fund of up to $600 million, following Sequoia Capital India leader participation in Polygon’s $450 million investment round.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other cryptocurrencies.
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