5 to 10 years – Solana’s (SOL) largest NFT marketplace, Magic Eden, is seeing its valuation explode in the middle of the crypto winter. The bear markets have therefore not upset the development plans of the startup, which now wants to conquer other blockchains.
A crypto unicorn in the bear market thanks to the magic of NFTs
Magic Eden, lifted $130 million in a Series B funding round led by Electric Capital and Greylock.
Thanks to this fundraising, the valuation of Magic Eden now stands at $1.6 billion. The start-up thus becomes the last crypto unicorn to see the light of day, only about 9 months after its creation, and in full bear market.
The company continues to growregardless of the current turbulence, which is however putting major crypto companies, such as Coinbase, Bybit, Celsius, in difficulty.
This financing round, which comes only three months after the last fundraising, would also be a response to market share and growing presence of the company in NFTs.
The startup will then use this fresh capital to finance and consolidate the foundations of this strong development.
To justify this new fundraiser, the company’s co-founder, Jack Lu, indicated that Magic Eden did not want to “feel limited by resources”. He further underlined his company’s long-term vision which wants to ” build for the next five to ten years “.
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NFT platform: Solana is good, multi-chain is better!
Magic Eden thus crosses another stage for its development by constituting on the one hand, a chest of war. On the other hand, the marketplace wants to continue to grow by extending beyond Solana.
The startup is indeed convinced according to Jack Lu, that crypto and NFT companies will evolve “in a multi chain world for a certain time “.
The NFT market place thus wants to offer its services to other projects grouped around other blockchains. Jack Lu, however, did not specify the name of the platforms that interest his company.
The NFT sector apparently does not seem to know the crisis. Magic Eden is becoming a crypto unicorn in the midst of bear markets, and is not the only NFT platform currently showing good financial health. Immutable X also recently launched a $500 million development fund for games and non-fungible tokens.
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