In this article, we will discuss the magic Eden NFT marketplace. It’s the New York-based non-fungible token (NFT) marketplace, that has raised $130 million in a Series B round co-led by Electric Capital and Greylock Partners, bringing its valuation to $1.6 billion.
The announcement comes nine months after its seed round, bringing total funding to date to $180 million. Magic Eden plans to use its new funds for further investment in technology and marketing.
It’s a decentralized application (DApp) marketplace that allows users to buy, sell, trade, or rent virtual assets like cryptocurrencies without fees or transaction costs.
Following the new investment round, the company plans to use the money to expand into new verticals and hire more developers to build out its NFT ecosystem and partner network.
Magic Eden currently has 534 unique assets on its platform. The company said it plans to add another 5,000 by year-end. It also plans to launch an API so developers can build their own apps using Magic Eden’s infrastructure.
Our mission is to provide gamer with ways to monetize their skills, Magic Eden CEO Mike Frankenstein. We want our users to be able to earn money by playing games.
Should to know more about Magic Eden
NFT Market Provides Benefits for All Stakeholders in Gaming Industry Magic Eden is a Decentralized Application (DApp) marketplace that allows users to exchange virtual assets on-chain.
In traditional marketplaces, gamers often have no control over their owned items and take little interest in the outside of gameplay. Magic Eden gives users total control over their digital assets by allowing them to hold, sell or trade NFTs directly on-chain.
This shift empowers gamers and gives games an incentive to create collectibles that have actual value beyond their playability. To date, Magic Eden has raised $130 million in venture capital with backing from industry leaders such as Electric Capital, who said The Magic Eden team.
It can execute like few other teams we’ve seen. We’re thrilled to support them in revolutionizing gaming. With its new funding, Magic Eden will continue to develop its technology and add more games to its platform.
Its roadmap includes building out its protocol so that developers can easily integrate NFT trading into their existing games without having to build it from scratch.
They also plan on launching more DApps onto their platform including a decentralized video streaming service called Fandom and an open-source social network called Social.
We are very excited about our partnership with Greylock Partners and Electric Capital, said CEO Alex Prokhorov.
Their strong expertise in blockchain technology will help us build out our protocol and bring even more utility to users across all industries.
What is an NFT? And what makes it special?
NFTs or Non-Fungible Tokens are digital, unique assets that you can hold and transfer on a blockchain.
They’re like baseball cards but with a cryptographic identity and ownership history attached to them. The blockchain ensures that no one can duplicate, steal or forge an NFT because it is cryptographically tied to its owner at all times.
For example, Magic Edens are collectibles that live on top of Ethereum; if you own one, you know for sure that no one else does (and if they did, you’d know). That’s also why they are sometimes called Crypto Collectibles they’re scarce digital assets.
The key players driving the market today
The company’s strategic investors, David Sacks, Robert Morris, and Andreessen Horowitz are thought to be key players driving Magic Eden’s growth. Mr. Sacks is CEO of Craft Ventures, an L.A.-based venture capital firm with a focus on emerging technologies like augmented reality, artificial intelligence, and cryptocurrency.
Mr. Morris is one of Magic Eden’s co-founders and leads its product development efforts from Seattle where he oversees engineering efforts at both Magic Eden and Wovenworks, a virtual-reality startup he co-founded three years ago.
And Mr. Andreessen is a co-founder of Magic Eden as well as a general partner at Andreessen Horowitz. He also sits on Magic Eden’s board along with another general partner at his VC firm, Jeff Jordan.
The company will use the new funding to continue building out its technology platform and grow its team, which now totals 40 people across San Francisco and Seattle. It has plans to open offices in New York City and London by early next year.
Key trends to watch out for going forward
Blockchain technology and non-fungible tokens have changed everything. The ability to attach unique digital assets on a blockchain has already led to several products and companies, with more likely to come as blockchain technology matures.
Magic Eden is one of these companies, presenting itself as a curated marketplace where users can purchase rare items with non-fungible tokens (NFTs). Looking forward, Magic Eden will need to focus on its market differentiation, product offerings, and other areas.
Though competition is intense within its niche space, there are still plenty of opportunities for growth for Magic Eden. With an infusion of funding from a strong round of investors backing it, Magic Eden is well poised to capitalize on those opportunities.
Concluding remarks – where does the market stand right now?
For Magic Eden, it’s not just about raising funds to help build out its vision, but the hope is that investors also see value in its mission. We are building a community of blockchain enthusiasts, said Klein.
It will be an ecosystem that helps grow and support businesses through technical and business education, marketing solutions, business development partnerships, and more.