Magic Eden, an NFT marketplace, raised $27M via Series A round

Magic Eden is a Solana blockchain-based NFT marketplace that has raised $27 million in a new Series A funding round. It is important to note that this is one of the most promising NFT marketplaces that aims to give OpenSea a run for its money. The goal of the new funding round was to raise money to increase the products and services that the marketplace provides to its customers. 

The new funding round for Magic Eden was led by Paradigm and also Sequoia Capital, an American venture capital firm headquartered in Menlo Park, California, followed by Solana Ventures took part in the round. 

Magic Eden trying to create dominance

Magic Eden aims to create dominance and also claims to be the biggest NFT marketplace on the Solana blockchain which is known for its strong performance and scalable nature. However, the SOL blockchain is also noted for its NFT capabilities and low minting fees. Despite the huge surge in utility, the SOL token has remained bearish as per our SOL price analysis for March 14.

It is important to note that as per Bloomberg, Magic Eden declined to report its valuation after the funding round but it is quite clear that its valuation is less than OpenSea’s 13 billion USD., 

Major advantage over OpenSea 

Bloomberg noted what Shaun Maguire, a partner at Sequoia Capital said: 

“People buying or selling NFTs, the keys to owning digital assets, most frequently do so on OpenSea. It has 43% of the market, with $23.3 billion in total sales, according to an analysis of data from the research firm DappRadar. But OpenSea has a weakness.”

It is important to note that Maguire confirmed that there are a number of Magic Eden moves quicker to Solana before OpenSea, whose users recently reported lost NFTs, could and that is a big win for the marketplace.