OpenSea may be considered the leader in NFT Marketplace, but that lead is now being threatened by a new platform on the Solana blockchain – Magic Eden.
The NFT ecosystem is generating a lot of support and followership in the space. Now, it has stepped forward to expand its capabilities by completing a $27 million Series A funding round.
Magic Eden To Expand Its Team Using The Funding
The platform ways it will be using the capital to launch a gaming vertical, expand its team, and achieve more objectives. The Series A funding round was led by Paradigm, with participation from Variant, Kindred, Solana Ventures, Sequoia, and Greylock. Developers of Magic Eden also want to enter into several profitable partnerships and develop a full-service mobile app for transactions in NFTs.
“Magic Eden will be much more than a place for users to purchase NFTs,” Co-founder and Chief Executive Officer of Magic Eden, Jack Lu, stated.
He added that one of the company’s objectives is to provide a clear distinction between the Web3 and Web2 interface. This will enable supporters, creators, and collectors to engage with each other and independently direct their online interactions.
Magic Eden Gives OpenSea A Run For Its Money
Magic Eden has grown in popularity as the network maintains a huge percentage of the Solana NFT market. Analytics platform DappRadar, in recent data, noted that within the past 30 days Magic Eden has generated about $461 million worth of NFT in trading volume. This is in stark contrast with the $12 million trading volume generated by Solanart, the second-largest NFT platform on the Solana blockchain.
However, Ethereum-based marketplace OpenSea is still the leader in the industry, with $2.19 billion worth of trading volume in NFTs within the past 30 days.
But Magic Eden is climbing very fast and could rub shoulders with OpenSea in the market very soon. The platform’s investors are expecting more users on the network due to its cheaper average NFT sale price and lower transaction fees.
Magic Eden is already leading in the monthly number of transactions, with the platform hitting 4.64 million compared to OpenSea’s 2.28 million in the past 30 days.