Solana-Based NFT Marketplace Magic Eden Raises $27M Series A

Non-fungible commemorative( NFT) business Magic Eden has raised$ 27 million in a Series A backing round to expand its range of products and services.
The round was led by Paradigm and included benefactions from Sequoia and Solana Gambles, the Solana- grounded establishment blazoned on Monday. NFTs are digital means on a blockchain that represent power of virtual or physical particulars.
The establishment claims to be the largest NFT business on the Solana blockchain having surpassed sale volume of further than7.5 million SOL over the last six months. It also boasts over 90 request share for NFT games secondary-trading volume.
Magic Eden said it'll use the finances to make out a gaming perpendicular and launch an NFT mobile operation for the browsing, minting and trading of NFTs on the go.
The Solana ecosystem has been one of the main heirs from inventors and dealers seeking an volition to the high sale freights on Ethereum. In January, Research by JPMorgan noted that Ethereum's NFT request share dropped to 80 compared to 95 a time before.