Magic Eden, Solana’s largest NFT marketplace, is eyeing an ambitious growth plan after raising a $130 million funding round co-led by Greylock and Electric Capital.
While the broader crypto market struggles to find its footing, Magic Eden is coming off its best month ever, with just over 5 million SOL in volume transacted during May.
In this episode of The Scoop, Magic Eden co-founder and COO Zhuoxun 'Zedd' Yin, talks through the project’s funding efforts and unpacks some of the reasons why he believes Magic Eden has room to grow into more than just an NFT marketplace.
As Zedd explains during the interview, both Magic Eden’s founders and its investors share a broad time horizon for the future:
“I think despite the ridiculous and amazing traction that I think we've had in the first nine months, it's still very early days for us and we have a lot more we want to build — and I think hopefully that plan and that outlook resonated with a lot of investors. And for us, we were lucky to be able to bring on the partners that we were really excited about.”
Instead of limiting itself to running a marketplace, Magic Eden hopes to establish itself as a hub for all NFT-related activity.