A crypto land ownership game developer, Eden Games, has raised $27 million in Series A funding to develop the world’s first NFT marketplace. The company is planning a launch in Q1 of 2019 and will release their product for free when it launches.
The “nft marketplaces” is a platform that allows users to trade NFTs. Solana has raised $27 million in series A funding for their project.
OpenSea may be the market leader in NFT Marketplace, but it is now being challenged by Magic Eden, a new platform based on the Solana blockchain.
In the space, the NFT ecosystem is generating a lot of interest and support. It has already completed a $27 million Series A investment round in order to enhance its capabilities.
The Funding Will Be Used To Expand Magic Eden’s Team
The company plans to use the funds to develop a gaming vertical, grow its workforce, and accomplish additional goals. Paradigm led the Series A fundraising round, which included included Variant, Kindred, Solana Ventures, Sequoia, and Greylock. Magic Eden’s creators also want to form a number of lucrative collaborations and create a full-service mobile app for NFT transactions.
“Magic Eden will offer much more than just a marketplace for consumers to buy NFTs,” said Jack Lu, Magic Eden’s co-founder and CEO.
He went on to say that one of the company’s goals is to distinguish between the Web3 and Web2 interfaces. Supporters, artists, and collectors will be able to communicate with one another and autonomously direct their online interactions as a result of this.
OpenSea gets a run for its money from Magic Eden.
Magic Eden’s popularity has risen as the network retains a large share of the Solana NFT market. According to recent statistics from analytics company DappRadar, Magic Eden has earned around $461 million in NFT in trade volume over the last 30 days. This is in sharp contrast to Solanart, the second-largest NFT platform on the Solana blockchain, which earned $12 million in trading volume.
However, OpenSea, an Ethereum-based marketplace, remains the industry leader, with $2.19 billion in NFT trade volume in the last 30 days.
Magic Eden, on the other hand, is rapidly rising and may soon be competing with OpenSea in the market. Because of the platform’s reduced average NFT selling price and transaction costs, investors predict more customers to join the network.
Magic Eden has now surpassed OpenSea in terms of monthly transaction volume, with 4.64 million vs 2.28 million in the last 30 days.
