Magic Eden made $8m, broke $200m valuation during Series A

Sendbird’s feature-rich platform, and pre-fab UI components make developers more productive. We take care of a ton of operational complexity under the hood, so you can power a rich chat service, and life-like voice, and video experiences, and not worry about features, edge cases, reliability, or scale. The Magic Eden co-founder explained that what makes an NFT take off is branding and a community with fundamental value. The NFT itself, like the OK Bears profile photo, is an example of internet personal branding, like a Rolex or Nike bag.

What NFT art sells best?

1. Beeple. On March 11, 2021, graphic designer Beeple made history for having sold the first-ever digital art collection as an NFT. Everydays: The First 5000 Days got sold for an incredible $69,346,250 at Christie's.

Apple is now permitting for apps promoting NFTs to be put in and offered through its App Retailer. Now, builders of present apps can promote NFTs inside apps, and new apps can have NFTs… Why are each camps break up even additional on the concept of creators being incentivized to guard their NFTs?

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  • Italia Opensource is a list of open source projects created by Italian companies or developers.
  • Funds will be used to expand the company’s primary and secondary marketplaces to fully support the NFT (non-fungible token) creator and collector journey, Magic Eden told Blockworks.
  • Co-Founder Lu recently sat down with the GetLatka team to share the details backing up his claim that his community-focused interactive NFT ecosystem and marketplace Magic Eden is one of the fastest-growing companies in crypto.
  • This team has braved previous crypto winters at dYdX and elsewhere, and is thoughtfully building its team through this one – reach out aboutthese rolesif you’re looking to build the future of on-chain commerce, gaming, and community.
  • While the wider NFT market is down in recent weeks due to the crypto market crash, and Solana has lost about 60% of its USD value since the start of May, Lu said that Magic Eden has seen higher SOL transaction volumes in recent weeks.

Once the debt has been paid, the Editor can revert the NFT back to its original state. According to Magic Eden, MetaShield was built to allow creators “to track Solana NFTs listed with custom royalties” and “take action where they see fit” to protect their brand. Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas. The network’s token, SOL, was a favorite of venture capitalists and major players, including FTX founder Sam Bankman-Fried and the bankrupt crypto VC fund, Three Arrows Capital. When the crypto market crashed in 2022, SOL cratered from $258 in November 2021 to lows of $26 in mid-June. In August 2022, a major wallet on Solana called Phantom wallet was compromised.

AC Milan Kicks Off NFT Soccer Game With MonkeyLeague

NFT marketplace Magic Eden, launched just nine months ago, has raised $130 million in a Series B round co-led by Electric Capital and Greylock Partners, bringing its valuation to $1.6 billion. The new tool came only a few weeks after NFT marketplace X2Y2 introduced antier solutions records usd 50m liquidity in their crypto friendly banking platform a new feature that affords buyers with the discretion to decide whether they pay a royalty fee— and, if so, how much — when buying an NFT. MetaShield works by enabling creators to flag an NFT or blur the image if the listed or traded NFT bypasses creator royalties.

After purchasing SOL, they can now withdraw their tokens to their wallets, and as for the process of withdrawing, it is similar on the majority of exchanges. The only problem that remains is finding innovative platforms that can cryptocurrency mining showcase their creations. The emergence of NFTs has brought a new era of opportunities for creatives, but the exorbitant cost and technical know-how required for this venture have proven to be an immense hurdle for most people.


However, similar play to earn games have risen and fallen with the crypto crash. One example isAxie Infinity, where at its peak, 8000 transactions were completed daily, compared to around 300 or so currently. Whether MonkeyLeague will face similar challenges remains to be seen. Like many other clubs, AC Milan is looking to create new digital experiences for fans and open up new revenue streams with Web3 technology.

Magic Eden envisions a future where NFTs are transferable and interoperable across games, ultimately yielding better liquidity for players and more accessible economic infrastructure for game developers. If speed of experimentation is a predictor of success, Magic Eden is a standout. Our conviction was actually deepened during what was perhaps the most challenging time in the company’s existence. Beyond offering refunds, the Magic Eden team “de-rugged” the project, launchingBalloonsville2.0 to revive the project under committed owners. The result was a safer launchpad experience with better verification controls in place, and strengthened trust from the community. Magic Eden continues to experiment with ways to make the platform progressively more community-owned, likeMagicDAO.

WTF is @luart_io and how it’s going to change the game for @terra_money NFTs and beyond.

NFTGo’s Blue Chip Index reached a 30-day low, standing at 10,068 ETH, while the market sentiment index is at 20, indicating “cold” sentiment. Over the past week, a total NFT volume has surpassed $297M, in over 1.45M TXs, an average of $203 per transaction. WTF is @luart_io and how it’s going to change the game for @terra_money NFTs and beyond.

  • Insider spoke with Mike Duboe, a VC at Greylock, about his picks for top projects on Solana.
  • Greylock hosts CXOs for highly curated briefings and make targeted introductions based on your company’s priorities — with the goal of arming you with vital insights to help your organization address its current and future challenges.
  • As beforehand talked about, the brand new function is a collaboration with Coral Dice, which signifies that Magic Eden customers can be utilizing Coral Dice’s Inspector to initially acquire entry to MetaShield.

The launch of Magic Eden’s MetaShield was initially met with mixed reactions from the community. The company announced on Aug. 2, 2022, that it is going multichain and will expand its offerings to Ethereum NFTs, but its primary ecosystem and main blockchain is Solana as of this writing. Today, the startup announced that it has raised $130 million in Series B funding with plans to expand beyond the Solana ecosystem.

Solana is becoming a popular alternative to Ethereum because of its lower costs and faster speeds. The platform’s system will accept application forms that have complete information and automatically reject any forms with omitted questions. Users can check 36 other exchanges where they can buy SOL from this list.


The first drop will be released on 6 October on MagicEden, with the NFTs going to the highest bidders. Some of the AC Milan MonkeyPlayers will come with signed physical AC Milan jerseys. An asynchronous discord bot to keep track of specific NFTs for the MagicEden marketplace. Simple easy peasy python script which logins to opensea account using metamask and bulk uploads NFT to your default collection. This bot is written using Python & Flask and is designed to run a free heroku server.


At the end of May, Magic Eden’s largest month yet, daily trading volume surpassed Opensea. The NFT transactions are very similar to Ethereum, except that users will have a 0% listing fee and only 2% transaction fees, which lowers the entry barriers for new and seasoned NFT buyers and creators. Its primary NFT marketplace, Launchpad, has over 250 projects, while its secondary marketplace has over 7,000 collections and is responsible for 92% of all Solana-based NFT volume. In general, Magic Eden’s platform has an average of 20 million unique sessions per month and mints over 50,000 Solana-based NFTs daily. Regardless of developments in creator royalties, the controversy at all times comes again to who ought to have the facility to create and implement them. That is exactly why collectors and creators proceed to butt heads, leaving platforms feeling compelled to choose sides.

Sudoswap” decided not to adopt the royalty fee model to make its NFT platform more buyer-friendly by only subjecting them to standard platform fees. One Twitter user claimed the addition of MetaShield further centralized the Magic Eden NFT marketplace, while another Twitter user said no one will mint NFTs if the creators use MetaShield. The NFT marketplace also confirmed that they will not be taking control of NFTs and that the royalty enforcement tool will not serve to punish buyers. Magic Eden also sells Magic Tickets, which provide access to a decentralized autonomous organization .

The creator of one of their first NFT collections, CyberTrolls, eventually became an employee. The co-founder passionately reiterated that NFT artists and collection creators are the lifeblood of the company, proudly noting that one-third of their full-time employees are artists or collection creators. Their job is not to create company-owned NFTs, Lu clarified for Latka. Its thorough screening process guarantees that every applicant it approves can launch high-quality NFTs bitcoin price crash wipes $10,000 from its value and have the same desire to strengthen the community and provide value for their fellow creators. On November 2, Magic Eden posted on its Twitter account that it will launch a new minting service this month called ‘Mint Authority,’ a DIY minting tool that will make the minting process much easier for creators. NFT creators can set the total price of their collection, and each NFT will have a fixed price that contributes to the total amount of the digital asset collection.

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