THELOGICALINDIAN - Notable investors included Paradigm Sequoia and Solana Ventures
Magic Eden has aloft $27 actor in a Series A led by adventure basic close Paradigm.
OpenSea Competitor Raises $27M
The Solana-based NFT exchange Magic Eden has completed its Series A allotment round.
Magic Eden appear today its $27 actor accession via a Series A annular led by the crypto-focused adventure basic close Paradigm. Sequoia, Solana Ventures, Electric, Greylock, Kindred, and Variant were additionally complex in the raise.
The NFT platform’s co-founder and arch controlling officer, Jack Lu, said:
“Magic Eden will be abundant added than a abode for users to acquirement NFTs. Our ambition is to accomplish a bright acumen amid Web2 and Web3, acceptance creators, collectors, and supporters to appoint with anniversary added and advance the administration of their online interactions.”
The money aloft in the Series A is slated to be acclimated for accretion Magic Eden’s team, (currently consisting of added than 60 full-time employees), advance in partnerships, architecture Web3 gaming verticals, and developing adaptable applications for the NFT marketplace.
Magic Eden launched MagicDAO recently, which included a 30,000 NFT accumulating drop. A DAO is a decentralized free organization, area decisions are fabricated via voting from associates (usually based on tokens or NFTs).
Magic Eden was launched aftermost September, and it accounts for the all-inclusive majority of the Solana blockchain’s NFT bazaar share.
While the company’s appraisal has not yet been disclosed, the NFT industry’s ascendant player, OpenSea, achieved a $13.3 billion appraisal beforehand this year.
The arresting adventure firms that took allotment in Magic Eden’s Series A accept invested frequently in the crypto amplitude recently. For example, aftermost November, Paradigm launched what was at the time the crypto industry’s better anytime armamentarium of $2.5 billion. The abutting month, Solana Ventures announced a $150 actor Web3 gaming allotment initiative. Both Sequoia and Paradigm took allotment in a $1.15 billion advance into Citadel Securities in January, acquainted the abeyant for the above bazaar maker to absorb agenda assets into its business model. On Feb. 17, Sequoia Capital announced an up to $600 actor crypto fund, afterward Sequoia Capital India’s arch participation in Polygon’s $450 actor advance round.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and several added cryptocurrencies.
