Magic Eden: Solana-Based NFT Marketplace Targets Ethereum For Expansion

A few months back, the largest non-fungible token (NFT) marketplace, OpenSea announced that it will be supporting the Solana blockchain. The integration will allow users to trade Solana NFTs on OpenSea.

https://twitter.com/MagicEden/status/1554497669032206336

The leading Solana-based NFT marketplace, Magic Eden, is fighting back. They just announced a multi-chain expansion, which includes Ethereum Support this month.

The Solana Unicorn

https://twitter.com/CoinDesk/status/1540453561196314625

Magic Eden recently raised US$130 million in funding. The funding was co-led by Electric Capital and Greylock Partners valuing Magic Eden at a whooping US$1.6 billion.

This Series B funding came just three months after it closed its US$27 million Series A funding led by Paradigm.

More than just a marketplace

"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"

Jack Lu, CEO of Magic Eden

Unlike the other NFT marketplace that only facilitate NFT trading, Magic Eden is a full-service one-stop shop. It helps NFT project with pre-launch advisory, the NFT launch and even post-launch support. Its goal is to build long-term partnerships and be part of the NFT's journey.

Besides that, Magic Eden recently launched its very own venture capital fund called Magic Ventures. Magic Ventures would operate under its gaming division, Eden Games, and it would focus on investing in Web3.0 games.

“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,”

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: Chain Debrief

Also Read: Starbucks Is Brewing A Web3 Based Rewards Program Using NFTs