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NFT News: Magic Eden Raises Value to $1.6 Billion

Jeff Pratt breaks down Magic Eden raising $130 million in Series B funding to reach $1.6 billion valuation.

Welcome to NFT.NYC week! A ton of news is going to break over the next couple of days, and I will be covering it all here.

The world is expanding, and DraftKings is expanding along with it. As NFTs continue to grow, these daily articles will serve as a hub for the latest news and notes in the space.

In case you are new to the Metaverse, check out my quick breakdown on what NFTs are and how they work. For those looking to get in the game, read my article on how to set up a MetaMask wallet.

Magic Eden Raises Value to $1.6 Billion

The largest NFT marketplace on the Solana blockchain just took another step forward.

Magic Eden recently announced that it has raised $130 million in its latest Series B funding round, which was led by Electric Capital and Greylock Partner. These funds raise the NFT marketplace’s valuation to a whopping $1.6 billion.

According to a report by The Block, investors were attracted to Magic Eden due to its large presence on the Solana blockchain, which is second in popularity among metaverse enthusiasts to Ethereum.

Magic Eden currently ranks as the third-largest NFT marketplace in terms of trading volumes, which is impressive considering the platform was launched less than a year ago.

The main goal for Magic Eden fresh off this Series B funding round is to work on its peer-to-peer NFT marketplace, while also continue developing the primary marketplace Launchpad.

Stay tuned for updates as more information about Magic Eden’s expansion plans are revealed. Follow the company’s official Twitter account here.

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