Magic Eden — The Solana NFT Marketplace Amasses $130 Million in Funding

28q5...GL9P

19 Jan 2024

Magic Eden — the leading Solana NFT marketplace, has raised $130 million in a Series B funding round. To go along with a series A funding back in March earlier this year, the company’s valuation sits at a whopping $1.6 billion.
A gamut of investors namely Greylock, Electric Capital, Sequoia Capital, Lightspeed Ventures, and many more. Magic Eden is destined to deploy this funding on expanding the marketplace ecosystem, enabling new hirings, exploring multi-chain opportunities, etc.
According to DappRadar, the Solana NFT marketplace Magic Eden witnessed $338 million in trading volume (over the last 30 days). The platform witnessed 288,000 footfalls (users) over the same period. Most importantly, the total number of transactions surged by 46% to 14.07 million.

Magic Eden — the Working Mechanism

Launching new NFTs and trading on the secondary market are possible with Magic Eden. Although the secondary market is still the most well-liked element, there has been a lot of interest in recent launches. This pattern shows that Magic Eden might have a bright future as a hub for the initial launch, purchase, and sale of NFTs.
Magic Eden’s Launchpad specializes in minting new NFTs — also providing one-of-a-kind user-friendliness to launch NFT projects. Creators must sign up with the Solana NFT marketplace Magic Eden before they may mint NFTs on the platform.
Less than 5% of projects are approved, guaranteeing that the Eden marketplace upholds strict criteria. Trades can be made on the website with confidence because of this level of quality control. An NFT must be a part of a very promising project if it is accessible for minting on Magic Eden.

Magic Eden Transaction Fees

The Solana-native marketplace platform’s transaction fees are one of the reasonable and fair ones available out there. Its primary source of income hails from a modest 2% transaction fee. There is no extra charge to list NFTs on the platform — no bid-placing fee, too. Magic Eden witnesses good footfalls, for this reason, making it the go-to NFT trading platform, overtaking OpenSea.
Magic Eden bestows utmost freedom when it comes to royalties — the platform lets the creators fix the royalty percentage. NFT buyers can view the royalty percentage on NFT’s dedicated page.
The Magic Eden NFT marketplace is a fantastic place to conduct your transactions if you want to exchange tokens without wasting your cryptocurrency on transaction costs. Magic Eden’s fees are reasonable, making it a preferred option for international dealers. When contrasting Magic Eden to OpenSea and Solanart, it’s also a key issue.

Auctions with Instant Accessibility

Magic Eden’s auction functionality is designed to please both buyers and sellers. With the help of this function, buyers can place a bid on an NFT according to its estimation. After receiving an alert, holders can choose whether to accept or reject the offer. If the bid is turned down, the potential buyer can either increase their offer or look elsewhere. When a bid is accepted, the deal is completed right away.

Magic Eden’s Future

Magic Eden is the largest NFT marketplace on Solana, according to the blockchain data tracking firm DappRadar. In terms of daily trading, Magic Eden has already caught up to OpenSea when comparing its NFT platform to that of another well-known NFT marketplace, OpenSea. There are reasons to think that the Magic Eden NFT marketplace may soon catch up in that measure, even though its transaction volume is still behind. Low transaction fees and well-liked collections, after all, are certain to draw in more dealers.

The Bottom Line

Magic Eden is leading the different Solana NFT marketplace pack with enticing community-specific features. The trendiest Solana NFT projects that are taking off and creating a buzz in the expanding community are bred in Magic Eden.
Blockchain space is a lucrative home to numerous business models — pursuing the NFT marketplace development is one such model. Would you like to build your NFT marketplace platform? Would you have it on Solana? Feel free to drop your comments below.

18

Solana Nft Marketplace
Magic Eden
Nft Marketplace
Blockchain
Nft

18

Follow