Non-fungible tokens (NFTs) have a reputation for being expensive forms of digital art, however, San Fransico-based NFT marketplace Magic Eden sees them differently. For the company, NFTs are about connecting with artists. To expand its platform that focuses on creators, Magic Eden raised new capital on Tuesday.
The $130 million Series B funding round was co-led by Electric Capital and Greylock and brought Magic Eden’s valuation to $1.6 billion. Prior to the Series B, the company had raised $29.5 million in venture funding across a seed and Series A round, according to Crunchbase.
Magic Eden’s marketplace allows creators to create and customize NFTs, market them and sell them using the Solana blockchain. According to the company, the marketplace has over 10 million monthly visitors and has some 7,000 NFT collections listed on the site.
Besides just selling NFTs, Magic Eden is a community-centric site for creators. According to the company, it has sponsored several projects from creators and with the new funding, it will continue to work on expanding the user experience. Magic Eden is also looking to build more features to its marketplace, such as analytics and market insight.
“We know that NFTs are the best way to bring people onto the blockchain. NFTs are exciting, social and cultural experiences that bring connectivity to the world,” Jack Lu, CEO and co-founder of Magic Eden, said in a statement. “Since our inception, 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. The best part is that we’re just getting started.”
