Magic Eden, largest Solana-based NFT marketplace, raises $27 million

A Series A funding round of $27 million has been closed by Magic Eden, the largest NFT marketplace on the Solana blockchain.

Magic Eden, largest Solana-based NFT marketplace, raises $27 million

A Series A funding round of $27 million has been closed by Magic Eden, the largest NFT marketplace on the Solana blockchain.

The round was led by Paradigm Capital, with participation from Sequoia Capital, Solana Ventures, Greylock Partners, Electric Capital and others.

According to co-founder and CEO Jack Lu, the equity fundraise will assist Magic Eden in focusing on blockchain gaming.

Eden Games aims to meet that need, and Magic Eden today launched the game publisher's content hub.

"Publishers will be able to share the custom landing pages Eden Games built for them," said Lu. "In the secondary trading of all gaming NFTs on Solana, we hold over 90% of market share. Gaming publishers have a hard time getting enough eyeballs when sharing news, so we want to be that platform for them."

Moreover, Magic Eden plans to launch a venture unit, dubbed Magic Ventures, "in a few weeks." Lu declined to provide further details about the unit but said it will support community projects. The firm is also hiring across all functions, including marketing and operations, to expand its 60-person staff.

The Solana NFT market is now dominated by Magic Eden, which was launched as a side-project late last year and now features both the most traders and most volumes, according to DappRadar data.

It can be regarded as equivalent to OpenSea on Ethereum in terms of power on Solana.

Magic Eden has raised $29.5 million in funding to date. A seed round of $2.5 million was completed last October. Lu expects to raise more capital in the near future.