Solana Based NFT Marketplace Bags $130 mln Funding

Ashish Kumar
June 21, 2022
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magic eden NFT

Non fungible tokens’ (NFT) sales might have hit a hard rock since the beginning of this year. However, Solana based NFT marketplace, Magic Eden has bagged $130 million in a Series B funding round.

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Magic Eden valued at $1.6 bln

The NFT marketplace has managed to raise the investment to a total valuation of $1.6 billion. The investment round was co-led by Greylock and Electric Capital. It is important to note that, this move has come amid the ongoing collapse of the global crypto market. Avichal Garg, Managing partner of Electric Capital mentioned that he choose to invest in the marketplace as he believes that this will be worth much more ahead.

As per the release, Magic Eden highlights that it plans to utilise the raised funds to expand its primary and secondary marketplaces The marketplace is likely to will the multi chain opportunities. It added that it is aiming to increase the employee strength to 140. However, Magic Eden aims to expand its minted NFTs and jump into gaming and other technologies.

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NFT sales down by 34% recorded by May

Earlier, the largest NFT marketplace, OpenSea recorded a valuation of $13 billion in a Series C round. Meanwhile, NFTs’ global sales have registered a decrease of about 34% between January and May.

Solana based marketplace was ranked 9th largest NFT marketplace till mid March. However, it has now become the grabbed the second spot on the list. It now just stands behind the OpenSea. According to DappRadar, Magic Eden has recorded a volume of $160.3 million over the past 30 days. On the other hand, OpenSea has registered a volume of $782 million, which is a drop of around 200% in the same time.

However, the Solana (SOL) token prices have also taken a huge hit. SOL prices have dropped by over 64% in the past 60 days. Meanwhile, its price registered a price surge of 7% in the last 24 hours. SOL is trading at an average price of $38.1, at the press time.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.