22 JUN, 2022

Solana Based NFT Marketplace Bags $130 Million Funding

NFT or Non Fungible tokens are also facing the heat from the start of 2022. 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 jump into gaming and other technologies.

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.

NFT Sales Tanked By 34% In 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. 

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