In a Series B funding round, Electric Capital and Greylock led by Electric Capital, Magic Eden, the top non-fungible token (NFT) market on Solana, raised $130 million.

The round, which was announced on Tuesday, gives the platform a value of $1.6 billion. This is the same as the Series B valuation of OpenSea, the leading Ethereum NFT marketplace, which went on to be worth $13 billion in a Series C round that was announced earlier this year.

A press release says that Magic Eden plans to use the money to grow its primary and secondary markets and to look into “multichain opportunities.”

The CEO of Magic Eden, Jack Lu, said in a statement, “We know that NFTs are the best way to get people on the blockchain.” “NFTs are fun, social, and cultural events that bring people together from all over the world. We’ve decided to help both our creators and our users through this huge growth period for the company and the industry as a whole.

Solana NFT volume

Magic Eden is the leader of the Solana NFT community right now. It handles more than 90% of the volume in the ecosystem and has been growing in recent months.

In terms of daily transactions and volume, the marketplace is now on par with OpenSea and sometimes even beats it.

The Magic Eden raise comes at a time when the crypto market as a whole is pretty bad. For example, the prices of SOL and ETH, which are the base currencies of the NFT ecosystem, have dropped by as much as 80% from their all-time highs in the past year.

In March, Paradigm, Sequoia, and Solano Ventures led a $27 million Series A round of funding for Magic Eden.

Given how bad the crypto market is, institutional investors are starting to cut back on how much money they are putting in. Lu, on the other hand, is not scared.

“Markets will do what markets do—we are excited to build for 10 years or more,” he said in an email.

“We see this money as a sign that investors believe in Magic Eden and the crypto market as a whole. With the extra money, we’ll be able to reach our goal of getting the next billion people to use Web3 without being limited by market cycles.

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