Paradigm led the financing, which also included Sequoia and Solana Ventures.
Magic Eden, a marketplace for non-fungible tokens (NFTs), has raised $27 million in a Series A fundraising round to expand its product and service offerings.
Paradigm led the financing, which also included Sequoia and Solana Ventures, the Solana-based firm revealed on Monday. NFTs are blockchain-based digital assets that reflect ownership of virtual or actual goods.
The firm asserts that it is the largest NFT marketplace on the Solana blockchain, having exceeded 7.5 million SOL in transaction volume over the last six months. Additionally, it controls over 90% of the market for NFT games secondary trading volume.
Magic Eden stated that it will utilise the funds to expand its gaming sector and introduce an NFT mobile application that will enable users to browse, mint, and trade NFTs on the go.
The Solana ecosystem has benefited significantly from developers and traders looking for an alternative to Ethereum’s exorbitant transaction costs. In January, JPMorgan Research reported that Ethereum’s NFT market share had decreased to 80% from 95% a year earlier.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
