The company was previously valued at $129M in March 2022. Here are the top-line bullets you need to know.
Magic Eden, a Solana-based non-fungible token (NFT) marketplace, has raised $130M in a Series B. The round drew participation from Electric Capital, Greylock Partners, and Sequoia Capital, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Magic Eden enables users to create, discover, and trade NFTs.
- It produces 50K+ Solana-based NFTs each day.
- Magic Eden accounts for nearly 97% of daily Solana NFT transaction market share.
- The company has over 70 employees.
Source: Magic Eden
WHY DOES THE MARKET MATTER?
- The global NFT market is currently valued at $14B and is expected to reach a value of $75B by 2025, according to Jefferies.
- The market’s growth is likely to be fueled by the novelty value of owning a digital asset, the growing popularity of digital art, increasing fan engagement with sports NFTs, and the potential to integrate NFT collectibles into online games.
