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NFT marketplace Magic Eden reaches 1.6 billion valuation with $130 million investment

Founded by Sidney Zhang, Jack Lu, and Zhuoxun Yin about 9 months ago, Magic Eden received its share of interest in NFT last year. Magic Eden displays the new collections on the platform in the area called Launchpad. The initiative, which has featured more than 250 projects on Launchpad so far, hosts more than 7 thousand collections in secondary sales.


Jack Lu, CEO and co-founder of Magic Eden, commented on the news:

"We know that NFTs are the best way to bring people onto the blockchain. NFTs are exciting, social, and cultural experiences that bring connectivity to the world. Since our inception, 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. The best part is that we're just getting started."

Zhuoxun Yin, COO and co-founder of Magic Eden, concluded

"At Magic Eden, we take pride in building innovative products that are taken from our passionate community. We were the first to innovate in a number of areas: such as pairing NFT minting capabilities via Launchpad with a secondary marketplace, embedding gameplay with NFT games directly on the platform, and creating a Decentralized Autonomous Organization (DAO) to empower greater involvement within the Magic Eden community. We're thrilled to have the continued support of our investors and community and look forward to delivering on Solana and beyond."

Magic Eden is the third NFT marketplace to attain unicorn status. The others are OpenSea and LooksRare, currently at a valuation of $13 billion and $7 billion, respectively.

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