In 2018, Magic Eden became the first crypto company to launch an initial public offering on a major stock exchange. Now in 2019, after a year of sharp growth and global expansion, it has reached record valuation with its first day as an IPO. What does this mean for the future of blockchain-powered gaming?
soaring high Magic Eden, an NFT marketplace with headquarters in Solana, has secured an astounding $130 million via Series B fundraising. As a consequence, it achieved a remarkable $1.6 billion value, therefore solidifying its unicorn status.
Lead investors Electric Capital and Greylock Partners were responsible for the outstanding endeavor, while other investors like Lightspeed Ventures, Paradigm, and Sequoia Capital also contributed. The platform will have a prosperous future thanks to the successful investment round, which will also serve as a launchpad for its further phases of development.
Guys, check out this picture from @FinancialReview’s top page: pic.twitter.com/Q4iejpxoKv
June 22, 2022 — Magic Eden (@MagicEden)
Magic Eden will utilize the money in the future to grow its fantastic staff and scale up its operations. While doing so, the team is looking into novel and creative methods to expand the reach of the Solana-based experience and enable compatibility for a broad variety of blockchains present across the NFT ecosystem.
Since Magic Eden’s doors were opened nine months ago, a lot has transpired. It then saw a spectacular increase, turning becoming the main driver of Solana NFT development. It now has a staggering 98 percent market share of the Solana-based NFT ecosystem, and it is continuing to grow steadily despite the approaching crypto winter.
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