Solana-based NFT marketplace Magic Eden has raised $27 million in the latest funding round led by Sequoia and other investors.
Silicon Valley venture capital firm, Sequoia is betting big on the leading Solana NFT marketplace – Market Eden.
OpenSea happens to be the leader in the NFT space, however, its dominance appears to be dwindling. There are now newer platforms backed by some of the biggest investors that may have been contributing to this trend., Magic Eden is set to announce $27 million in Series A. Leading the round is Sequoia Capital, while other investors include Paradigm and Solana Ventures. The platform has declined to reveal its valuation, but the latest capital infusion will be deployed to expand its services.
The latest news comes just a week after Magic Eden partnered with sporting entertainment platform Overtime to roll out an NFT collection that seeks to improve fan engagement and exclusive experiences.Sequoia Capital partner Shaun Maguire believes one of the world’s popular venues for NFTs – OpenSea – has a weakness since it mainly relies on a less efficient blockchain, Ethereum. Despite being a startup, Maguire has high hopes for Magic Eden.
It is still early to speculate on Magic Eden’s dominance in the sector at a time when NFT sales have gone down tremendously. While Magic Eden dominates NFT trade on the Solana blockchain, overall, it’s still only the ninth-largest NFT marketplace. But its co-founder Zhuoxun Yin, a former Coinbase product manager, is confident that Solana has many advantages over Ethereum, especially in areas such as video games, where NFTs are expected to be traded frequently. The exec said,
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