11 months ago
Date: 14 Mar 2022 - 17:05

Silicon Valley venture capital firm Sequoia is betting big on the leading Solana NFT marketplace 8211 Market Eden.OpenSea happens to be the leader in the NFT space however its dominance appears to be dwindling. There are now newer platforms backed by some of the biggest investors that may have been contributing to this trend.Magic Edens 27 Million Funding RoundAccording to the latest reports Magic Eden is set to announce 27 million in Series A. Leading the round is Sequoia Capital while other investors include Paradigm and Solana Ventures. The platform has declined to reveal its valuation but the latest capital infusion will be deployed to expand its services.The latest news comes just a week after Magic Eden partnered with sporting entertainment platform Overtime to roll out an NFT collection that seeks to improve fan engagement and exclusive experiences.Solana or Ethereum The Next NFT HubSequoia Capital partner Shaun Maguire believes one of the worlds popular venues for NFTs 8211 OpenSea 8211 has a weakness since it mainly relies on a less efficient blockchain Ethereum. Despite being a startup Maguire has high hopes for Magic Eden. He said8220The bet was that they would move fast and that they would capture that advantage before OpenSea would be able to go into Solana.8221OpenSea has also been hurt by the significant negative press that made rounds this year. Its trading volumes and sales have also taken a hit. Hence investors turning to newer platforms isnt surprising.Data from CryptoSlam reveal that Solana raked up a total of 116193618 on sales in the last 30 days During the same time Ethereums figures stood at 1865220512. So far Solana has attracted primarily retail investors who were massively affected by the high Ethereum transaction gas fees.It is still early to speculate on Magic Edens dominance in the sector at a time when NFT sales have gone down tremendously. While Magic Eden dominates NFT trade on the Solana blockchain overall its still only the ninthlargest NFT marketplace.But its cofounder Zhuoxun Yin a former Coinbase product manager is confident that Solana has many advantages over Ethereum especially in areas such as video games where NFTs are expected to be traded frequently. The exec said8220Gaming NFTs will be on places like Solana. Theyre not going to be on Ethereum.8221

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USDT Market Price Change (24H) Market Cap Last 7 Days
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