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Magic Eden explained that the funds will be employed to design and develop a gaming body and inaugurate an NFT mobile application for searching, minting as well as the exchange of Non-Fungible Tokens.
Magic Eden, which is the leading Non-Fungible Token (NFT) marketplace on Solana, has been able to collect $27 million in a recent Series A funding round. The current investment is all set to develop more extensive and wide-ranging products and services for NFT enthusiasts.
The Series A round of funding was led by Paradigm, an investment company that aims to support crypto/Web3 organizations and protocols. Other participants of the round included California-based Venture capital firm Sequoia and Solana Ventures. While Sequoia Ventures was ranked the most active Venture capital fund in India in 2019, Solana Ventures is widely known for supporting Solana Blockchain and similar ecosystems.
Non Fungible Tokens, which are essentially digitized entities and renditions of memorabilia in the virtual space, have been a popular topic of interest for many crypto enthusiasts for a while now. The ownership of NFTs on the blockchain is uniquely secured and therefore, can not be duplicated or used without the knowledge of its origin.
Magic Eden has declared itself as the largest Non-Fungible Token (NFT) marketplace on the Solana blockchain. It has been able to impressively exceed the transaction volume of more than seven and a half million SOL over the last year. Magic Eden also enjoys more than ninety percent market share for NFT games secondary-trading volume.
On its plans for usage of the investor money, Magic Eden explained that the funds will be employed to design and develop a gaming body and inaugurate an NFT mobile application for searching, minting as well as the exchange of Non-Fungible Tokens.
The Solana ecosystem has been a go-to option for many crypto traders and enthusiasts wanting to pivot to other alternatives than Ethereum because of its expensive transaction fee. Recently in January, a study by the banking giant JPMorgan acknowledged that Ethereum’s Non-Fungible Token Market share plunged to eighty percent in comparison to ninety-five percent the year before.
With each passing day, Ethereum‘s monopoly over the Non-Fungible Token (NFT) marketplace is depleting because of its high traffic and gas costs. Since August last year, the Solana Blockchain has been able to grab the most NFT volume share at the expense of Ethereum. The report by JPMorgan also mentioned how the Solana NFT marketplace practically started the massive craze for NFTs.