New Unicorn: Magic Eden

June 23, 2022
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This Tuesday, June 22, the very recent company, founded in 2021, became a unicorn following its series B. With a fundraising of 130 million dollars, the American company has reached a capitalization of 1.630 billion dollars. The main investors are Electric Capital and Greylock. Reaching the rank of unicorn after 9 months and its series B is a real feat, a sign of a startup with immense potential.

What is Magic Eden?

Magic Eden is an NFT marketplace. An NFT is a digital file to which a certificate of digital authenticity is attached, making it unique and non-interchangeable. 
By obtaining an NFT, a buyer becomes the exclusive owner of a digital good: a painting, a video, a photograph, a meme, a video game element, a film, etc. Magic Eden lists more than 7000 collections of all kinds that are then exchangeable between owners via fixed prices or auctions. Payment is made through crypto currencies.

What does the future hold for NFT?

First of all, what does the recent unicorn intend to do with the $130 million? The answer is simple, expand its primary and secondary markets while improving the quality of services. The strategy could continue by expanding to other Blockchain than Solana's.

Now there are 56 unicorns whose business is related to the Blockchain. More and more are diversifying and touching on NFTs, often cryptocurrency platforms that are diversifying. The NFT trend has been in the news a lot recently, but for a few months now the prices have not really been rising. So it's a very ambitious project that will depend on the evolution of consumption. Temporary buzz or a real democratization of digital personal goods? Only the future will tell us.

By
Dorian
Analyst
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