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Solana Based NFT Marketplace Bags $130 Million Funding

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NFT or Non Fungible tokens are also facing the heat from the start of 021. Despite the downside Solana based Non Fungible tokens marketplace Magic Eden has been able to receive a $130 million in a Series B funding round.

NFT Marketplace Magic Eden Priced At $1.6 billion

Non Fungible tokens Magic Eden has been able to rake in sizeable investment with a total valuation of $1.6 billion. The latest round of funding is led by by Greylock and Electric Capital. Today when the crypto sector is facing an unprecedented meltdown this funding for the NFT is quite unique. Avichal Garg, Managing partner of Electric Capital believes that investment in marketplace will be worth much more ahead.

Magic Eden has stated that it will utilize the funds to widen its primary and secondary marketplaces. There are multi chain opportunities and Magic Eden states that it will increase the number of employees to over 140. It also desires to increase its minted NFTs and jump into gaming and other technologies.

NFT Sales Tanked By 34% In May

Like Magic Eden another NFT Marketplace Open Sea obtained a valuation of $13 billion in a C Round Sereis. NFT global sales ha registered a 34% decline in the period between January and May.

The Solana based Marketplace occupies the ninth position in the NFT Marketplace till the middle of March. However, it is now placed in the second position just after OpenSea. As per data received from DappRadar , Magic Eden has been able to record a volume of $160.3 million over the past 30 days. Interestingly OpenSea has tanked by 200% and is able to register a volume of $782 million.

Solana token prices have however taken a massive hit and has tanked by 64% in the past 60 days. Its prices have registered a surge of 7% in the last 24 hours. SOL is trading at an average price of $35.35, at the press time.

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