Solana’s NFT marketplace Magic Eden aims to challenge OpenSea’s dominance

Magic Eden raised $27m in the first round of funding, announcing plans to create an NFT mobile application.

A stock photo of an hourglass and a bag of money on top of the laptop keyboard.

Magic Eden said on Twitter that the company secured funds from Paradigm, a crypto-focused investment firm, Sequoia, a renowned VC fund, and Solana Ventures, the investment arm of Solana Labs. Magic Eden is the largest NFT platform on the Solana blockchain, but only the ninth-largest of all NFT marketplaces.

Ethereum’s OpenSea is the largest NFT marketplace with a 43% market dominance as of March 14. However, Ethereum NFT market share is being slowly eaten by rivaling networks Cardano, Solana, Polkadot, and Tezos, dropping to 80% in January from 95% a year earlier.