• Magic Eden, a Solana-based NFT marketplace, raises $27 million in Series A funding

  • The non-fungible token (NFT) marketplace has secured $27 million in a Series A financing to expand its product and service offerings.

    According to the Solana-based startup, the investment was headed by Paradigm and includes contributions from Sequoia and Solana Ventures. NFTs are blockchain-based digital assets that reflect ownership of virtual or physical goods.

    The company claims to be the largest NFT marketplace on Solana, with a six-month transaction volume of more than 7.5 million SOL. It also has a market share of more than 90% for NFT games secondary trading volume.

    Magic Eden stated that the cash will be used to develop a gaming vertical and establish an NFT mobile application for browsing, minting, and trading NFTs on the go.

    The Solana ecosystem has benefited greatly from developers and traders looking for an alternative to Ethereum’s exorbitant transaction costs. According to JPMorgan research, Ethereum’s NFT market share fell to 80% in January, down from 95% the previous year.

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