Magic Eden, a non-fungible token (NFT) marketplace, has raised $27 million in a Series A fundraising round to expand its product and service offering.
Paradigm led the financing, which also included Sequoia and Solana Ventures, according to the Solana-based firm’s announcement on Monday. NFTs are blockchain-based digital assets that reflect ownership of virtual or physical goods.
The company claims to be the largest NFT marketplace on the Solana blockchain, with over 7.5 million SOL in transaction volume in the previous six months. It also has a market share of over 90% of the secondary-trading volume for NFT games.
Magic Eden plans to use the funds to expand its gaming division and introduce an NFT mobile application that allows users to browse, mint, and trade NFTs while on the go.
The Solana ecosystem has benefited greatly from developers and traders looking for an alternative to Ethereum’s exorbitant transaction costs. JPMorgan Research said in January that Ethereum’s NFT market share has plummeted to 80% from 95% a year earlier.
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