Magic Eden Company Intelligence

Founded in September 2021, Magic Eden runs the largest Solana NFT marketplace with +90% market share and $2 billion USD traded. Magic Eden’s vision is to “democratize access to NFTs for artists and collectors by building an immersive cross-chain NFT marketplace.” The company seeks to become the biggest and most liquid NFT marketplace globally and be the leading destination for NFT discovery, expression, and ownership. Magic Eden shared three focus areas: (1) creating a community & creator-centric marketplace (2) investing in the Web3 gaming sector and (3) supporting multi-chain integration. In June 2022, Magic Eden closed its $130 million Series B round and reached $1.6 billion in valuation. The company plans to use this capital to further develop its current platforms (secondary market and Launchpad) and double down on its Web3 gaming efforts. The company recently started supporting Ethereum for its NFT marketplace. Co-founder and CTO Sidney Zhang shared his thoughts on this expansion, “We certainly have grown really quickly on Solana and it validated our thesis of putting the creators and communities in the center. With those lessons learned from Solana, we are doubling down on that strategy as we go to ETH.”

Magic Eden claims that its marketplace provides unmatched exposure to the Solana NFT ecosystem. There are +10,000 collections traded on the secondary marketplace and +300 projects minted through the Magic Eden Launchpad. Magic Eden has +90% market share of daily traded SOL NFT volume ($1.9 billion secondary trading volume) and +20 million unique user sessions per month. There are +100K daily wallet connections with an average platform session duration of 14 minutes.