Share this article
Solana NFT Marketplace Magic Eden Raises $130M at $1.6B Valuation
The large raise comes during an otherwise downcast crypto climate.
By Eli Tan
Updated May 11, 2023, 5:36 p.m. Published Jun 21, 2022, 12:00 p.m.
Magic Eden, the leading non-fungible token (NFT) marketplace on Solana, has raised $130 million in a Series B funding round co-led by Electric Capital and Greylock.
The round, announced Tuesday, values the platform at $1.6 billion, putting it on par with the Series B of OpenSea, the leading Ethereum NFT marketplace that went on to command a $13 billion valuation in a Series C round announced earlier this year.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Magic Eden says it plans to use the funds to expand its primary and secondary marketplaces, as well as explore “multichain opportunities,” according to a press release.
“We know that NFTs are the best way to bring people onto the blockchain,” Jack Lu, CEO of Magic Eden, said in a statement. “NFTs are exciting, social and cultural experiences that bring connectivity to the world. We’ve made the conscious decision to support both our creators and users through this tremendous era of growth for both the company and the industry.”
Solana NFT volume
Magic Eden is the current kingpin of the Solana NFT community, handling more than 90% of the ecosystem’s volume and picking up steam in recent months.
The marketplace is now rivaling OpenSea in daily transactions and volume, sometimes surpassing it.
The Magic Eden raise comes in an otherwise pessimistic crypto climate, with prices for such underlying currencies of the NFT ecosystem as SOL and ETH down as much as 80% from their all-time highs in the past year.
Magic Eden previously raised a $27 million Series A led by Paradigm, Sequoia and Solana Ventures in March.
Raises from institutional investors are beginning to taper off given the dismal state of the crypto market. For his part, Lu is unfazed.
“Markets will do what markets do – we are excited to build on a 10+ year time horizon,” he said via email, adding:
“We see this capital as a measure of our investor confidence in Magic Eden and the broader crypto market. The additional investment will allow us to achieve our goal to onboard the next billion users to Web3 without being constrained by market cycles.”
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
