Tag: magic eden

Magic Eden Pulls $27m in Series A Funding Round

Solana-based Non-Fungible Token (NFT) marketplace Magic Eden has pulled the sum of $27 million in a Series A funding round, capitalizing on the ongoing hyped interest amongst investors on prominent Web3.0 startups.

The funding round was led by led by Paradigm with participation from Sequoia Capital, Electric Capital, Greylock Partners, Kindred Capital, Variant Fund, and Solana Ventures. 

As unveiled by the NFT trading venue, the newly raised capital will be used to boost the platform’s product development plans, hire new talent, and create new partnerships to bolster its ecosystem. 

The emergence of Magic Eden thrived on the concept of building a common point of association amongst lovers of art. Based on this inherent interest, the Magic Eden platform has continued to succeed despite the volatility that has seeped through the NFT world in relation to the broader digital currency industry.

“Volatility in the price action of cryptocurrencies just comes with the territory. That’s part and parcel of the industry that we live in,” Magic Eden CEO and Cofounder Jack Lu told Yahoo Finance. “What we’ve discovered is that NFTs are a much more mainstream and relatable area of crypto for the mainstream internet user. A lot of it is about art. It’s about culture. It’s about gaming, it’s about building communities on the internet.”

In addition to its stated plans for funding, the NFT marketplace also plans to build out a mobile application that will permit users to browse, mint, and trade NFTs.

“We’ve managed to deliver a highly polished delightful product experience for our users… and we’re known for taking a community-first approach,” Lu said. “That has helped us build a much stronger and robust relationship with our users, and that’s quite differentiated us from some of our peers.”

Besides Magic Eden, OpenSea, the biggest marketplace for Ethereum and Polygon-related NFTs, also raised $300 million earlier this year as NFT marketplaces now represent a major investment point for investors across the board.

NFT Trading Platform Magic Eden Raises $130m at $1.6B Valuation

Non-Fungible Token (NFT) marketplace Magic Eden has raised a new $130 million in a Series B funding round, increasing its valuation to $1.6 billion.

The platform, recognized as the biggest on the Solana network, attained this unicorn status just a few months after it completed its Series A round earlier this year, raising $27 million at the time.

This latest funding round was co-led by Electric Capital and Greylock Partners, with participation from Sequoia Capital, Paradigm, and Light Speed Ventures Capital. While the cryptocurrency ecosystem has continued to experience a broad-based meltdown, the funding Magic Eden just landed is a testament to the longer-term focus for investors, which is to back entities with good infrastructure and fundamentals.

“(This valuation) more than ever validates the industry and market we’re in,” Zhuoxun Yin, COO of Magic Eden, said to TechCrunch. “There’s investor appetite to bet on this market. We’re very bullish on the horizon. There’s a lot to build, and most of the use cases are still early, so this gives us an opportunity to build that.”

Magic Eden serves as a hub where digital artists can create their NFT collections and sell them to willing collectors. Despite controlling the lion’s share of NFT trading volumes on Solana, OpenSea, the world’s largest NFT marketplace, has integrated support for Solana-based NFTs, posing a direct threat to Magic Eden.

In a bid to maintain a competitive advantage, Magic Eden is looking at avenues to explore multi-chain support for its hosted collectables and it plans to utilize the new capital to achieve this goal. 

Magic Eden hopes to serve as a bridge for new consumers looking to enter the blockchain world as the featured items are highly relatable.

“At our heart, we are user-first and want to go where they are and better serve them,” Jack Lu, CEO of Magic Eden, said in a statement. “I think when you think about different use cases in crypto overall, right now it’s clear NFTs are a bridge from the average consumer to the blockchain world. It’s cultural, it’s about communities on the internet, and is much more emotionally relatable.”

Magic Eden Floats New Venture Unit to Double Down on Web3 Gaming

Solana-backed non-fungible token (NFT) marketplace Magic Eden has announced the establishment of its own venture outfit called Magic Ventures, focusing on bootstrapping Web3.0 gaming protocols.

While projecting that Web3.0 games will serve as a GoTo ecosystem for many people, Magic Eden believes most innovations are still very rough, and they needed facilitating. The trading platform said the advent of Magic Ventures will absolutely help in investing in promising games and gaming infrastructure, which will bolster the growth of Web3 gaming. 

Magic Ventures will be led by Tony Zhao, who will double as the Head of Gaming Investments. The appointment of Tony is a thought-out decision drawing on his experience while staff at Tencent Games. During his time at Tencent, Tony focused on he focused on investing in up-and-coming games, acquiring world-class studios, and forming strategic partnerships across the entire Tencent Games portfolio.

Tony will also be joined in charting the way forward for Magic Ventures alongside Yoonsup Choi, Harrison Chang, and Matt Biamonte, all of whom have personally launched their own NFT collections and have a deep understanding of the Web3.0 ecosystem.

“The world of gaming is a massive market that has just started to venture into the world of Web3. We intend to deepen our relationships with both gamers and game developers alike to champion the future of games on the blockchain. With Magic Ventures, we are excited to invest in the next wave of creativity and innovation in Web3 gaming,” said Jack Lu, CEO of Magic Eden.

The launch of Magic Ventures trails the $130 million funding round the firm completed last month and the second for this year. Per the June round, Magic Eden entered the unicorn club with a $1.6 billion valuation. From its latest strides and with the advent of Magic Ventures, the startup said it is on track to expand its gaming ecosystem across the board.

Apple to Permit Developers to Host NFT-Based Apps on App Store

American multinational tech giant Apple Inc is coming to terms and is billed to allow Web3.0 startups to sell their Non-Fungible Tokens (NFT) through its App Store.

With the new policy, marketplaces like OpenSea, LooksRare, and Magic Eden, amongst others, can offer their hosted digital collectables for sale through the Apple Pay gateway.

While it is no news that the broader crypto ecosystem and the NFT offshoot have experienced dwindling patronage over the past year with the advent of the crypto winter, the latest allowance from Apple may help stir some resurgence in the market.

Prior to this time, the privacy features of Apple have made NFT developers shun the App Store as a gateway to market their products. While NFT and crypto-related applications are permitted, the allowances were very slim.

According to a report by The Information, NFT startups have shunned Apple partly because of the 30% charges it levies on every transaction. Magic Eden co-founder and Chief Technology Officer Sidney Zhang reiterated this in an interview.

With the new allowance, developers are left to choose between boycotting the tech giant’s systems because of the high fees or embracing the opportunity based on its extensive market reach. 

The Web3.0 ecosystem is expanding at a prolific rate, and innovators in the space are doing all they can to position their businesses to capture the market growth. Investors are also pulling in the weight to aid the evolution of Web3.0 protocols to accelerate their product and service offerings through consistent funding.

The contributions from tech giants like Apple will help change the paradigm for all players in the space as the company, alongside Google, has dominated the Stores through which startups can host their mobile applications. In the age where many P2E games are being developed, these provisions from Apple will go a long way to offer flexibility for developers who embrace the terms.

Former Coinbase Executive Joins Magic Eden as Head of Product

Magic Eden, the largest NFT marketplace on the Solana blockchain, announced the appointment of Linus Chung, a former executive at Coinbase, as its Head of Product, according to a PRNewsWire report on July 20, 2023. Chung brings nearly two decades of experience in technology and web3 to the role, where he will lead product development, enhance user experience, drive growth, and develop long-term strategy.

Before joining Magic Eden, Chung served as the Vice President of Product at Origin Protocol and was previously the Director of Product at Coinbase. “I strongly believe in a future where digital ownership, enabled by NFT technology, will become ubiquitous. We are still in the early innings of NFT development,” Chung said in the PRNewsWire report. He expressed his excitement about joining Magic Eden and his eagerness to partner with the web3 community to accelerate NFT adoption through innovation and exceptional product experiences.

Chung has a history of scaling products and businesses, demonstrated during his tenure at Coinbase. He held various leadership roles there, including Director of Product and Head of Growth & Risk. Chung led teams responsible for more than doubling Coinbase’s user base to over 50 million and expanding Coinbase to 100+ countries. He also managed the teams that built and scaled some of Coinbase’s fastest-growing products, such as Coinbase Earn, Coinbase Card, and Coinbase Pay. Prior to Coinbase, Chung served in senior positions at Tesla, Pinterest, and LinkedIn.

Jack Lu, CEO and co-founder of Magic Eden, welcomed Chung’s addition to the team. “Linus is joining us at a really special time when we have a lot of projects cooking across our core user experience, rewards, and cross chain initiatives,” Lu said. He expressed confidence that Chung’s experience and passion for NFTs would help Magic Eden build the best NFT platform in the world.

Magic Eden has recently achieved significant milestones, including becoming the leading Ordinals marketplace and trading $300M since its launch. It has also open-sourced its Solana marketplace contract, released the most intuitive aggregator on chain, and achieved up to 40% in secondary market share for Polygon. Magic Eden aims to build a user-friendly platform for minting and collecting NFTs, bringing dynamic cultural moments onto the blockchain and empowering users across thousands of digital communities to create, discover, and collect unique NFTs.

Magic Eden Embraces Compressed Solana NFTs

Magic Eden, a leading figure in the NFT marketplace, has unveiled its integration of cNFTs, a pioneering form of NFTs that are exclusive to the Solana blockchain. The term “cNFT” is an abbreviation for “compressed NFTs”, underscoring their unique capability to be crafted at a fraction of the cost of their traditional counterparts.

The announcement from Magic Eden delved deep into the potential of cNFTs. One of the primary advantages is their cost-effectiveness, which empowers creators to produce content on a grander scale without the hefty price tag. This not only paves the way for increased experimentation by creators but also provides a more accessible gateway for newcomers to the NFT realm. By making the entry point more affordable and less risky, Magic Eden believes that cNFTs have the potential to revitalize the NFT landscape, making it more vibrant and inclusive for collectors.

However, the introduction of cNFTs hasn’t been without its share of controversies. The choice of the term “cNFT” drew criticism from certain quarters of the digital community. A tweet from user @21e6Crypto on September 15 questioned Magic Eden’s decision to adopt an acronym that was already in circulation within the NFT ecosystem. Responding to the critique, Magic Eden clarified their stance, stating, “we didn’t create cNFTs, we integrated support for them.”

A deeper exploration into the mechanics of cNFTs reveals their foundational reliance on Merkle trees. This data structure is renowned for its ability to “compress” the verifiability of a vast data tree into a singular, identifiable “hash”. Solana Labs engineers have further refined this compression technique, introducing a capability that permits multiple simultaneous updates to Merkle trees within one block. This innovation is a hallmark of Solana, as detailed in their whitepaper.

For developers eager to harness the potential of cNFTs, a comprehensive understanding of Merkle trees is indispensable. Once the Merkle tree is initialized, NFTs can be minted using specialized tools. One such tool isBubblegum, a smart contract devised by Metaplex. To fetch the most recent data, developers would need to rely on RPCs, with platforms like Helius, SimpleHash, and Triton offering support for cNFTs. Lastly, to make any modifications to the NFTs, Merkle tree proofs are a prerequisite.

In conclusion, Magic Eden’s strategic decision to support cNFTs is a testament to the rapidly evolving dynamics of the NFT market. As platforms continue to push the boundaries of innovation, the broader community and industry stakeholders will be closely monitoring the adoption trajectory and broader implications of these compressed NFTs.

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Magic Eden Halts BRC-20 Trading Temporarily Amid Ordinals Expansion

On October 22, 2023, the decision was made by Magic Eden, a multi-chain NFT marketplace, to temporarily prohibit the trading of BRC-20 tokens in order to guarantee the maximum degree of safety possible for its consumers.

This decision will continue to be implemented even after an all-encompassing agreement about the regulations of BRC-20 tokens has been reached. There were no interruptions to any of the other trading activities that were taking place on platform during this time period.

On June 27, 2023, Magic Eden had previously published a statement, announcing that it would support BRC-20 tokens, and the news can be seen here. This represented the company’s continuation of its exploration of the Bitcoin ecosystem. This update was carried out with the purpose of expanding its offerings of Ordinals to encompass the previously described category of tokens, which are developed on top of the Bitcoin network.

In addition to being an essential move toward enabling the trading of these tokens on the secondary market, the support for BRC-20 tokens made it possible for anybody to create their very own tokens on the Bitcoin blockchain. This was a significant development.

Trade in BRC-20 was resumed on Magic Eden after a brief pause in trading, and as part of a promotion, the exchange reduced the fees for adding new listings to BRC-20 to 0.1% for a period of one month. This discount was part of an ongoing offer. A tweet that was sent out on July 13, 2023 informed the general audience of this information, which indicated the reopening of the BRC-20 trading market on Magic Eden.

This information also marked the beginning of normal trading operations on Magic Eden. The reduction in fees was done with the purpose of attracting new listings and maybe creating greater activity within the BRC-20 token market that is hosted on the platform.

Magic Eden Pioneers Cross-Chain NFT Experience with Expanded Wallet and Rewards

Magic Eden, a leading name in the cross-chain NFT marketplace, has recently unveiled a suite of innovative solutions designed to foster a more inclusive and expansive digital ownership experience. On January 22, 2024, the company announced the global launch of its enhanced rewards program, a cross-chain wallet, and the intention to open source all major protocols. These initiatives mark a significant step forward in Magic Eden’s mission to grow the NFT landscape and make digital ownership universal.

The newly introduced Magic Eden Rewards program stands out as the most comprehensive cross-chain rewards scheme in the industry. Initially launched on Solana, plans are in place to extend its reach to other major blockchains like ETH, BTC, and Polygon. This program is structured to provide universal benefits to all users, ranging from collectors to creators, and includes engaging quests that reward both new and existing community members.

In a move that underscores its commitment to the NFT community, Magic Eden has pledged its support to Non-Fungible DAO, a community-owned organization dedicated to promoting the adoption and development of NFTs through the $NFT token. The company plans to contribute major protocols to the DAO, including its marketplace protocols across various chains, enhancing the collective effort to nurture the NFT ecosystem.

A key highlight of Magic Eden’s recent announcements is the expanded rollout of its cross-chain, self-custody wallet. This wallet, which was initially released to a limited audience in late 2023, features instant cryptocurrency swaps between major blockchains like Bitcoin, Solana, Ethereum, and Polygon. Designed for NFT collectors, the wallet aims to provide a faster and more seamless experience in collecting and trading NFTs across multiple chains. This wallet is not only the first to be integrated directly with an NFT platform but will soon also offer rewards for usage. Slated for global availability by the end of January, the wallet and its accompanying desktop browser extension are poised to redefine digital asset management.

Zhuoxun ‘Zedd’ Yin, Co-Founder and Chief Operating Officer of Magic Eden, emphasized the company’s belief in universal digital ownership. He noted that NFTs, in their various forms, represent an enormous opportunity, and Magic Eden is committed to realizing this vision by expanding its products across multiple chains and ecosystems. The formation of Non-Fungible DAO and the power of open-source, community-controlled software are central to Magic Eden’s strategy for ecosystem growth.

As Magic Eden continues to innovate and lead in the cross-chain NFT space, it aims to provide a depth and breadth of services unmatched by other platforms. Built on community-governed, open-source protocols, Magic Eden is set to become the go-to provider for cross-chain collectors. For the latest updates on how the company plans to continue transforming the industry, follow Magic Eden on Twitter at twitter.com/MagicEden.

Magic Eden and Pudgy Penguins Forge Strategic NFT Marketplace Alliance

Magic Eden, a leading NFT marketplace, has entered into a strategic partnership with Pudgy Penguins, one of the most influential NFT collections and communities in the Web 3.0 space. Announced on February 6, 2024, this alliance marks a pivotal moment in the evolution of digital collectibles and their integration into broader digital environments.

A Strategic Alliance for NFT Excellence

Magic Eden has been designated as the preferred marketplace by Pudgy Penguins, ensuring that it becomes the go-to platform for enthusiasts and collectors interested in the Pudgy Penguins collection. This decision underscores the confidence Pudgy Penguins has in Magic Eden’s capabilities to provide a superior platform for buying, selling, and trading NFTs.

Pudgy Penguins is not merely a creator of NFTs; it is a brand that has deeply embedded itself in the fabric of the NFT and blockchain community. With a reputation for pushing the boundaries of what’s possible in the NFT space, Pudgy Penguins brings to the table an unparalleled understanding of the ecosystem. This expertise will be invaluable to Magic Eden as it seeks to optimize its platform for a broader audience, including the upcoming Ethereum market expansion.

Integration into Virtual Worlds and Games

One of the most exciting aspects of this partnership is the exploration of opportunities to integrate Magic Eden within the virtual worlds and games developed by Pudgy Penguins. This initiative aims to create a seamless experience where users can engage with the marketplace not just as a standalone platform but as an integral part of their digital environment. It promises to offer a more immersive and interactive way to experience NFTs, bridging the gap between digital collectibles and virtual experiences.

A Fusion of Visions and Values

The collaboration between Magic Eden and Pudgy Penguins is more than just a partnership; it represents a fusion of shared visions and values. Both entities are committed to advancing the NFT and blockchain technology space while ensuring that the ecosystem remains focused on creators and collectors. Through this alliance, they aim to bring innovative ideas and enriching experiences to the community, setting new standards for what is possible in the NFT marketplace.

Conclusion

The partnership between Magic Eden and Pudgy Penguins is a testament to the dynamic and evolving nature of the NFT and blockchain ecosystem. By combining their strengths, these two influential entities are poised to create a more engaging, integrated, and optimized platform for NFT enthusiasts worldwide. As the community eagerly awaits the fruits of this collaboration, it is clear that the future of NFTs and digital collectibles is bright, with innovative experiences on the horizon.

Magic Eden Launches Ethereum Marketplace in Alliance with Yuga Labs

Magic Eden has announced the launch of its Ethereum marketplace in partnership with Yuga Labs. This platform is the first major Ethereum-based marketplace to honor creator royalties, signifying a significant step forward in supporting the creator economy within the web3 ecosystem.

A New Chapter for NFTs and Creator Royalties

Magic Eden, renowned for its cross-chain NFT platform, has teamed up with Yuga Labs, the web3 lifestyle and media behemoth behind iconic collections such as Bored Ape Yacht Club (BAYC) and CryptoPunks. The collaboration aims to ensure a sustainable and thriving web3 environment by recognizing and compensating creators for their contributions to the NFT space.

Solidarity with Creators through the Magic Eden Creator’s Alliance

The launch is accompanied by the formation of The Magic Eden Creator’s Alliance, a coalition dedicated to promoting a sustainable royalty framework across the industry. Yuga Labs and Magic Eden have committed to supporting marketplaces that honor creator-set royalties, aligning with several leading projects and companies, like RTFKT, Pudgy Penguins, and Azuki, to reinforce this standard.

Incentivizing User Engagement and Supporting Innovation

Magic Eden’s Ethereum marketplace offers users access to premier mints from influential creators, along with the opportunity to participate in Magic Eden’s leading rewards program. Users can earn Diamonds for platform activities, with retroactive airdrops available for those engaging with the new market.

“Royalties are the lifeline that keep creators building fun, weird, and innovative activations in web3,” said Greg Solano, CEO & Co-Founder of Yuga Labs. “Magic Eden is the first major marketplace that partnered with creators to launch a platform that we can all be proud of – with custom pages for collectors, loyalty rewards, and contractual royalty enforcement.”

Jack Lu, CEO and co-founder of Magic Eden, expressed gratitude for the community and partner support. “We’ve always had a goal to expand and build an Ethereum marketplace but we wanted to do it right, and we were able to with amazing creators like Yuga Labs, innovators like Limit Break and the community support through our Creator’s Alliance,” said Lu.

Commemorative NFT Art Piece to Celebrate the Launch

To mark the occasion, Magic Eden, Yuga Labs, and the Creator’s Alliance have commissioned a unique NFT artwork by Clon of Cool Cats. A total of 1,000 pieces will be minted, with half being airdropped to active platform users during the first month and the rest awarded to users who generated the most royalties for creators.

Magic Eden’s Future Roadmap

The Ethereum marketplace is part of Magic Eden’s ambitious innovation plan for 2024. Recent announcements include the launch of a cross-chain, self-custody wallet, and a cross-chain rewards program. The company is also contributing major protocols to the Non-Fungible DAO, demonstrating its commitment to driving progress in the web3 domain.

About Magic Eden and Yuga Labs

Magic Eden is the leading cross-chain NFT platform that allows users to mint, collect, and trade NFTs in a user-friendly environment. Yuga Labs, a major player in the web3 space, is dedicated to building culture on the blockchain through various NFT projects, gaming, and immersive community experiences.

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