Magic Eden NFT Market Raised $27M In Series A: Report

Solana-based Magic Eden NFT market raised $27 million in a Series A fundraising which was led by Paradigm and included contributions from Solana Ventures and Sequoia as we can see furhter in today’s latest cryptocurrency news.

The Magic Eden NFT market raised $27 million in Series A round to expand the range of products and services, and the round was led by Paradigm, including contributions from Solana and Sequoia as the platform announced on Monday. The NFTs are digital assets on the blockchain that represent ownership of virtual and physical items.

gm gm! Cat’s outta the bag.

Kicking off the week with a $27M round raise led by @paradigm and a feature on Bloomberg @business 🪄

“@MagicEden will tap @sequoia and other new investors, such as @GreylockVC, to help expand into OpenSea’s waters.”https://t.co/PrvmaSleFn

— Magic Eden 🪄 Solana's Leading NFT Marketplace (@MagicEden) March 14, 2022

The company claims to be the biggest NFT marketplace on Solana as it surpassed the transaction volume of more than 7.5 million SOL in the past six months and boasts over 90% market share for NFT game’s secondary trading volume. Magic Eden also said it will use the funds to build a gaming vertical and to launch an NFT mobile application for browsing and trading NFTs on the go.

The Solana ecosystem was one of the main beneficiaries of traders and developers seeking a way around high transaction fees on Ethereum. The reports by JPMorgan pointed towards Ethereum’s NFT market share dropping to 80% compared to 95% a year earlier.

As recently reported, Magic Eden takes steps to prevent future rug pulls and bring higher-quality projects to its marketplace as it announced the relaunch of the white-glove minting and marketing service dubbed Launchpad. The service allows NFT creators to drop their collections on the Solana marketplace but now teh company paused this service after two rug pulls scammed investors out of a thousand dollars. Now, Magic Eden takes steps to prevent these scams from happening by introducing stringent Know your customer requirements on rates and forcing them to dox the company privately.

Also, Michael Jordan’s Solana HEIR NFT just got launched recently which was inspired by the NBA legend’s career and will serve as an access pass to the Web3. HEIR is a Solana-based fan engagement platform launched by Michael Jordan and his son Jeffrey and the 10,010 NFTs are sold for 2.3 SOL apiece or about $221. NBA legend Michael Jordan’s Solana HEIR makes move into Web3 including the announcement of HEIR launching the first NFT collection to bring founding users into the platform.