Solana-Based NFT Marketplace Magic Eden Raises $27 Million Series A
Magic Eden, a non-fungible token (NFT) marketplace, has raised $27 million in a Series A funding round aimed to help them expand it’s range of products and services, according to CoinDesk.
The funding round was led by Paradigm and it included contributions from investors such as Sequoia and Solana Ventures.
The firm claims to be the largest NFT marketplace on the Solana blockchain having surpassed transaction volume of more than 7.5 million SOL over the last six months and boasts an impressive market share over 90% for NFT games secondary-trading volume.
Magic Eden made the official announcement on Friday adding that they will use the funds to build out a gaming vertical and launch an NFT mobile application for the browsing, minting and trading of NFTs on the go.
It will undoubtedly be used to continue their marketing efforts, whether it’s in traditional marketing channels, or via NFT SEO or new marketing aspects.