NFT Marketplace Magic Eden raises $27M in new funding round

Magic Eden, a Solana-based NFT marketplace, has managed to close a $27 million Series A round led by Paradigm, Bloomberg reported Monday. The company plans to infuse the latest capital into expanding its product and service offerings, including a gaming vertical and an NFT mobile app.

gm gm! Cat’s outta the bag.

Kicking off the week with a $27M round raise led by @paradigm and a feature on Bloomberg @business

“@MagicEden will tap @sequoia and other new investors, such as @GreylockVC, to help expand into OpenSea’s waters.”https://t.co/PrvmaSleFn

— Magic Eden Solana's Leading NFT Marketplace (@MagicEden) March 14, 2022

After launching its platform just six months ago, Magic Eden claims to have surpassed 7.5 million in transaction volume, making it the largest NFT marketplace on Solana. The company has recently announced plans to create a DAO called ‘MagicDAO’ and airdrop NFT membership passes to existing users.

Major venture capital firm Sequoia Capital, a backer of OpenSea, also invested in the round. Shifting its bet on the new NFT marketplace, Shaun Maguire, a partner at Sequoia Capital, told Bloomberg:

“The bet was that they would move fast and that they would capture that advantage before OpenSea would be able to go into Solana.”

Rumors of OpenSea adding support for Solana circulated earlier this year after tech blogger Jane Manchun Wong snooped around OpenSea’s system and leaked images that suggested the same. However, OpenSea is yet to address the rumors.

OpenSea is working on Solana integration, as well as @Phantom wallet support pic.twitter.com/ZEefshKSY1

— Jane Manchun Wong (@wongmjane) January 25, 2022

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