- The capital will go towards employees growth, product improvement and future partnerships
- Different buyers embody Sequoia Capital, Electrical Capital, Greylock Companions, Kindred Capital, Variant Fund and Solana Ventures
Magic Eden, a Solana-based NFT market, introduced a $27 million Sequence A funding spherical on Monday. The spherical was led by Paradigm with participation from Sequoia Capital, Electrical Capital, Greylock Companions, Kindred Capital, Variant Fund and Solana Ventures.
The elevate will go towards employees growth, future partnerships and product improvement.
Jack Lu, CEO and co-founder of Magic Eden, advised Blockworks that the funding will “assist [them] develop as an organization, together with hiring one of the best expertise, bettering [their] product and infrastructure and investing in neighborhood initiatives.”
Amongst these initiatives is MagicDAO, a current try and launch a decentralized autonomous group (DAO) gated by the startup’s NFT (non-fungible token) assortment Magic Ticket. The venture airdropped 30,602 such tickets, which offer entry to the group’s Discord channels, to neighborhood members and plans to contain these members in governance choices sooner or later.
Magic Eden has recorded over $736 million in whole buying and selling quantity since its launch final yr — establishing itself as the biggest Solana market, based on information dashboard DappRadar.
Buying and selling volumes for Magic Eden, nevertheless, have declined 85.76% to roughly $41 million prior to now month — mirroring the efficiency of the broader NFT market.
The NFT market OpenSea’s buying and selling and transaction volumes fell as nicely, declining 22.4% and 11.61% respectively over the previous month. OpenSea, in contrast to Magic Eden, auctions off NFTs on Ethereum and Polygon.
Paradigm, which launched a $2.5 billion crypto fund final November, is an investor in OpenSea as nicely.Benjamin Cohen, managing accomplice of crypto fund Net 3 Equities, beforehand advised Blockworks when a market is as quick as OpenSea, it’s “honest to imagine that [it] will expertise giant swings and corrections.”
Get the day’s high crypto information and insights delivered to your inbox each night. Subscribe to Blockworks’ free publication now.