NFTs platform Magic Eden raises $27 million to expand its services

The non-fungible token (NFT) exchange platform Magic Eden, structured on the Solana (SOL) blockchain, has just acquired $27 million to develop thanks to a series A financing round. This new contribution will allow the platform to develop on several fronts, in particular via gaming based around NFTs and through the creation of its own investment fund.

Magic Eden gets $27 million

The non-fungible tokens (NFTs) trading platform magic edenhosted on the Solana blockchain (SOL), has just closed a Series A funding round up to $27 million.

Lead by the Paradigm investment fund and other industry regulars like Sequoia, Electric Capital or Greylock, the round was also powered by Solana Ventures, the fund dedicated to the Solana blockchain.

For Jack LuCEO and co-founder of Magic Eden, the platform wants to mark the transition with Web 3.0:

“Magic Eden will be much more than a place for users to simply buy NFTs. Our goal is to make a clear distinction between Web 2.0 and Web 3.0 by allowing creators and collectors to interact with each other […]. »

The company also wishes to develop its internal structure by recruiting 60 new employees, in particular to be able to carry out its mobile application project dedicated to NFTs. Moreover, according to Lu, Magic Eden will create its own investment fund called “Magic Ventures” in the near future, without however revealing more details about it.

So many measures that will be focused on the adoption of NFTs by the general publicas confirmed by Arjun Balajiinvestment partner at Paradigm:

“At a time when NFTs are becoming more popular with the greatest number, we are convinced that the Magic Eden team, which maintains its focus on its customers, will help to pave the way. »

👉 Find our analysis of the NFTs market for the year 2021

published by editions Larousse

The platform interferes in blockchain gaming

At the same time as its latest fundraiser, Magic Eden kills two birds with one stone and announces the release of “Eden Games”its new platform aimed at facilitating access to games based on NFTs.

Through the press release dedicated to this new project, the Magic Eden team explains that today, the NFTs market is very volatile and short-lived insofar as users are constantly looking for a new lucrative project. A fact that poses a problem since NFT projects are often time-consuming and require a significant investment from their developers.

Also, to make it easier for investors to understand emerging projects, Eden Games will offer itself as presentation platform for these games based on NFTs. Concretely, the developers will have at their disposal a explanation page of their project on which will be visible in particular all the relative concrete information as well as a trailer video.

Finally, all of these projects will be carefully selected by the Eden Games team in order to ” showcasing the best the Solana ecosystem has to offer “.

According to the press release, Eden Games aims to facilitate access to the universe of NFTs, which can be confusing at first glance:

“We are interested in games because we see them as fantastic hosting experiences for NFTs and Web 3.0. NFTs and crypto may seem complicated, but games are fun and a great way to introduce people to new technology. »

👉 To go further: Yuga Labs acquires collections of NFTs CryptoPunks and Meebits

Sources: Venture Capital Journal, Magic Eden

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