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
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Stablecoin Adoption Is ‘Exploding' — Here's Why Wall Street Is Going All-In
Alchemy co-founder and president Joe Lau said stablecoin adoption is exploding as banks, fintechs and payment platforms push beyond the USDT/USDC exchange era.
What to know:
- Stablecoin usage is quickly broadening from crypto-native exchanges into payments, payroll and treasury as companies chase 24/7, digital-native settlement, according to Alchemy Co-founder and President Joe Lau.
- Banks are pushing tokenized deposits as a regulated, bank-native alternative that delivers stablecoin-like benefits for institutional clients.
- The endgame is a two-track system — stablecoins for open, two-party settlement; deposit tokens for bank ecosystems, until scale forces convergence and competition, Lau said.
Top Stories
