Sequoia Capital is placing a bet on an OpenSea competitor
Magic Eden is the most popular NFT Marketplace on Solana, and investors appear to believe that a competitor to OpenSea is on the way. According to the report, Sequoia is betting on the NFT marketplace, and it's worth noting that Paradigm, a venture firm that also backs OpenSea, is the lead investor in Magic Eden's funding round. One of the reasons to invest in Magic Eden is Solana's low-cost basis and speed of transactions, making it easier for users to trade NFTs frequently.The NFT startup did not disclose its valuation and has stated that it intends to use the new funds raised from Sequoia and other new investors such as Greylock to expand into OpenSea's waters. It currently employs 55 people globally and plans to open its first office in San Francisco next month.
Magic Eden has been growing rapidly
Magic Eden has grown in popularity in recent months as more people begin trading NFTs on Solana. Users increased by 191 percent in the last 30 days, according to DappRadar data, to more than 200 thousand users. During the same period, the largest NFT marketplace, OpenSea, saw a 15% drop in users to 418 thousand. Even though the NFT market is rapidly expanding, there is some uncertainty about Magic Eden, as OpenSea has hinted that it plans to expand to Solana.The NFT marketplace saw an opportunity to differentiate itself by focusing on gaming NFTs and has quickly surpassed its major competitor Solanart to become the largest NFT marketplace on Solana. It also attempted to distinguish itself from OpenSea by launching MagicDAO, a DAO aimed at advancing platform development, rewarding supporters and eventually expanding the project's ecosystem. As a DAO community membership pass, Magic Eden distributed between 25,000 and 30,000 Ticket NFTs to existing marketplace users.
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