NFT Marketplace Magic Eden Raises $130M for Creator, Collector Support

The funding round brings the company’s valuation to $1.6 billion


NFT marketplace Magic Eden | Source: Magic Eden


key takeaways

  • Funds will be used to expand its primary and secondary marketplace and explore multi-chain opportunities
  • The marketplace receives an average of 22 million unique sessions per month and sees over 40,000 NFTs traded daily

Magic Eden, the top Solana NFT marketplace, announced a $130 million series B funding round Tuesday, bringing its valuation to $1.6 billion. 

Electric Capital and Greylock co-led the round, and Lightspeed Venture Partners joined as a new anchor investor. Previous investors Paradigm and Sequoia Capital participated as well. 

Funds will be used to expand the company’s primary and secondary marketplaces to fully support the NFT (non-fungible token) creator and collector journey, Magic Eden told Blockworks.

The primary marketplace, the Magic Eden Launchpad, is a dedicated service for Solana creators that has launched over 250 projects to date. 

“We want to be there every step of the way of the long creator journey: pre-mint, launch, post-mint. We have always known our creators deeply, and we intend to develop other tools across operations, marketing and tech support,” Magic Eden CEO Jack Lu said.

As for the company’s secondary marketplace, which accounts for 92% of the Solana NFT market share, the plan is to explore multi-chain opportunities, invest in the team, and enhance the user experience with improved insights, analytics and trading tools. 

Additionally, the company intends to double down on its nascent forays into NFT gaming after launching the Eden Games platform earlier this year. Believing that the “future is ultimately cross chain,” it will also use funds to explore multi-chain opportunities to attract new users and projects.

Regardless of market movement, Magic Eden is building on a 10-year time horizon. “Magic Eden’s goal is to define the future of NFTs by supporting the next generation of digital creators and introducing the next billion users to Web3,” Lu said. 

“We know that NFTs are the on-ramp into blockchain,” added Lu, and the most successful collections “pique people’s curiosity not because they’re simply an NFT, but because the value that the NFT represents entices new user acquisition — whether it’s token gated content, access…community-based projects, or artistic value.”

Magic Eden’s cumulative volume was at 19,901,672 solana at the time of writing. The marketplace’s most popular NFT collections in terms of trading volume in the past seven days are Primates, Okay Bears and Yeah Tigers.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians


Vance, an Ohio Republican, is largely seen as crypto-friendly


Plus, all the world is green as prices across the crypto space rally, with solana reaching a nearly two-week high


Investors add to crypto positions after “turnaround in sentiment due to lower-than-expected CPI,” CoinShares research head says


Plus, Ethereum is in the midst of a vibecession


Also, former Valkyrie CEO lands new leadership role at Canadian investment firm Cypherpunk Holdings