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Magic Eden Raises a Paradigm-Led Series A for $27 Million

Solana has officially raised funds that will challenge OpenSea’s dominance in the broader NFT market.

While it’s true that OpenSea may be in the lead regarding the world of Ethereum NFT marketplaces, there exists a separate ecosystem that is gaining some serious steam on the Solana blockchain, and that’s Magic Eden. Magic Eden has announced that it’s successfully raised $27 million for the expansion of its ambitions.

The Series A round was led by Paradigm, featuring the participation from Sequoia, Solana Ventures, Greylock, Kindred, Electric, and Variant. The funds are to be used by Magic Eden for funding purposes like hiring additional employees, building out its gaming vertical, partnership exploration as well as the development of a full-service mobile application for the trading (buying, selling) of NFTs.

“Magic Eden will be much more than a place for users to purchase NFTs,” said Jack Lu, the co-founder, and CEO, in a statement. “Our goal is to make a clear distinction between Web2 and Web3, allowing creators, collectors, and supporters to engage with each other and lead the direction of their online interactions.”

Magic Eden holds a strong command of an overwhelming share of the Solana NFT market. Per data from DappRadar, an analytics firm, Magic Eden has in fact generated around $461 million worth of NFT trading volumes in just over a month, in comparison to just $12 million for the next-highest Solana Marketplace titled Solanart.

Either ways, the Ethereum-based marketplace OpenSea has a wide lead overall in the market, garnering some $2.19 billion worth of trading volume in the past day, once again per DappRadar.

Both Magic Eden and its investors are placing their bets on the fact that more users will, in time, gravitate to a platform that offers a lower fees and a cheaper average NFT sale price. It’s already generating more transactions on a monthly basis, with a sum total of 4.64 million over the past month, compared to the 2.28 million generated by OpenSea.

There is, however, a possibility that OpenSea might just directly challenge Magic Eden. Leaked screenshots from January that were from Jane Manchun-Wong, a noted blogger and hacker, showcased the Solana integration on OpenSea, which as of right now hasn’t in fact been announced nor added to the platform.

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