Magic Eden, a non-fungible token (NFT) marketplace, has raised $27M in a Series A funding round to expand its product and service offerings.
According to the Solana-based firm, the round was led by Paradigm and included contributions from Sequoia and Solana Ventures. NFTs are blockchain-based digital assets that represent ownership of virtual or physical items.
The company claims to be the largest NFT marketplace on the Solana blockchain, with more than 7.5 million SOL in transaction volume over the last six months. It also has a market share of more than 90% in the secondary trading volume of NFT games.
Magic Eden, a non-fungible token (NFT) marketplace, has raised $27 million in a Series A funding round to expand its product and service offerings.
According to the Solana-based firm, the round was led by Paradigm and included contributions from Sequoia and Solana Ventures. NFTs are blockchain-based digital assets that represent ownership of virtual or physical items.
The company claims to be the largest NFT marketplace on the Solana blockchain, with more than 7.5 million SOL in transaction volume over the last six months. It also has a market share of more than 90% in the secondary trading volume of NFT games.
Past Developments
Magic Eden, the NFT marketplace, has quickly risen to the top of the Solana pack, establishing itself as the dominant player in the space, much like OpenSea did on Ethereum. As part of the project’s expansion and evolution, Magic Eden has previously announced plans to create a DAO and airdrop NFT membership passes to existing users.
Magic Eden will launch MagicDAO, a DAO aimed at furthering platform development, providing benefits to supporters (including exclusive event access), and gradually expanding the project’s ecosystem. DAOs are a popular way to organize online communities that are often governed by their own cryptocurrencies or tokens and collaborate to achieve a common goal.
Users who qualify for the airdrop will receive a unique NFT collectible based on which group they belong to, with Magic Eden stating that it will give the NFTs first to still-active users who have transacted on the marketplace in the last month.
At this time, the Magic Ticket NFTs will not be used as a governance token by all users. The governance of the project will be handled by members of the Magic Eden team and community leaders, though the process may change over time. More Magic Tickets may become available in the future.
