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- Magic Eden
Magic Eden Revenue, Valuation, Funding & Investors
Magic Eden is valued at $1.6B as of June 2022, a 21.3x multiple on its last reported $75M revenue.
Last Magic Eden valuation
$1.6B
Series B · Jun 2022
Last Magic Eden funding round
$500K
ICO · Jul 2022
Magic Eden revenue
$75M
Series B · Jun 2022
Key investors in Magic Eden
Alameda Research
Sequoia Capital
Greylock
Paradigm
Electric Capital
Lightspeed Venture Partners
About Magic Eden
Magic Eden is a Solana-based NFT marketplace headquartered in Miami, Florida. It supports trading of 2 million+ collections across Ethereum, Polygon, and Bitcoin Ordinals, with $2 billion+ in volume since 2021 launch. Features include launchpads for creators, wallet integration via Phantom, and cross-chain bridging. Magic Eden operates MagicDAO for community governance, distributing rewards to 30,000+ Magic Ticket holders. Backed by Paradigm and Tiger Global, it serves artists and collectors globally with zero listing fees.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Marketplaces
Revenue
$75M (Jun 2022)
Valuation
$1.6B (Jun 2022)
Magic Eden Valuation
Magic Eden is currently valued at $1.6B, based on its Series B in June 2022.
The $130M round was led by Electric Capital and Greylock, with participation from Arche Fund, Goodwater Capital, Fortified Ventures, Sequoia Capital, 6th Man Ventures and 2 other investors.
Magic Eden valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2022 | Series B | $1.6B | 21.3x |
Magic Eden Revenue
Magic Eden's latest recorded revenue is $75M, as of its Series B in June 2022. At a $1.6B valuation, that implies a 21.3x revenue multiple.
Magic Eden revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2022 | $75M | $1.6B | 21.3x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Magic Eden Funding History
Magic Eden has raised a total of $170M across 5 funding rounds.
Magic Eden's first fundraising round was a $3M seed round in October 2021. The most recent completed round was a $500K ico round in July 2022.
Magic Eden funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2022 | ICO | Alameda Research (lead) | $500K | - | - |
| Jun 2022 | Series B | Electric Capital (lead); Greylock (lead); Arche Fund; Goodwater Capital; Fortified Ventures; Sequoia Capital; 6th Man Ventures; Lightspeed Venture Partners; Paradigm | $130M | $1.6B | Magic Eden is the leading NFT marketplace on the Solana blockchain, founded in September 2021. The platform provides infrastructure for discovering, trading, and creating non-fungible tokens, with particular strength in supporting Solana's NFT ecosystem through its primary marketplace (Magic Eden Launchpad) and secondary trading venues. The company's Launchpad had launched over 250 projects by mid-2022, and the platform processed over 40,000 NFTs traded daily with an average of 22 million unique monthly sessions at the time of the funding announcement. In June 2022, Magic Eden announced a $130 million Series B funding round that valued the company at $1.6 billion. Electric Capital and Greylock Partners co-led the round, with Lightspeed Venture Partners joining as a new anchor investor. Previous investors Paradigm and Sequoia Capital participated alongside new investors including 6th Man Ventures, Arche Fund, Fortified Ventures, and Goodwater Capital. The timing was notable as this valuation was set shortly after the Terra/Luna collapse, reflecting strong investor conviction in the company's dominance of the Solana NFT ecosystem. Magic Eden deployed the Series B proceeds to expand its primary and secondary marketplaces, support the creator and collector journey, and explore multi-chain expansion opportunities. The company also launched the Eden Games platform to enter NFT gaming. By March 2024, Magic Eden had become the number one NFT marketplace globally by monthly trading volume, recording $734 million in monthly volume and surpassing both OpenSea and Blur at its peak. Magic Eden's 2023 revenue was $75 million. In February 2026, the company implemented a revenue-sharing mechanism directing 15% of all marketplace revenue into its ME token ecosystem, representing a key development in its token economics strategy. |
| Mar 2022 | Series A | Paradigm (lead); Solana Ventures; Sequoia Capital; Greylock; Scott Belsky; Electric Capital | $27M | - | Magic Eden is a leading NFT marketplace on the Solana blockchain, offering primary and secondary marketplaces including the Launchpad for creators. In March 2022, it raised $27 million in a Series A round led by Paradigm, with participation from investors like Electric Capital, Greylock, Sequoia Capital, Solana Ventures, and Scott Belsky, to scale operations, enhance technology, and improve user experience. This followed a $10 million venture round in January 2022 led by Alameda Research and a $2.5 million seed in October 2021. Magic Eden dominated Solana NFT volume at around 92% by mid-2022, with its secondary marketplace hosting over 7,000 collections and Launchpad supporting over 250 projects, averaging 20-22 million unique monthly sessions and minting or trading tens of thousands of NFTs daily. Funds from rounds supported multi-chain expansion beyond Solana, NFT gaming via Eden Games, team growth, and Web3 onboarding. Total funding reached approximately $157-170 million by mid-2022, with later rounds like a $6.22 million unattributed in 2023. |
| Jan 2022 | Series A | Alameda Research (lead) | $10M | - | Magic Eden is an NFT marketplace platform on the Solana blockchain, focused on expanding capabilities, user acquisition, primary and secondary marketplaces, and multi-chain opportunities. In January 2022, it completed a Series Unknown funding round raising $10 million led by Alameda Research. This followed an earlier seed round and preceded larger rounds including a $27 million Series A in March 2022 and a $130 million Series B in June 2022 at a $1.6 billion valuation led by Electric Capital and Greylock. Alameda Research also participated in a $500,000 Initial Coin Offering in July 2022. Total funding across rounds reached approximately $170 million from key investors including Paradigm, Sequoia Capital, and Electric Capital. |
| Oct 2021 | Seed | Alameda Research; Coinbase Ventures; Chris Kalani | $3M | - | Magic Eden launched in September 2021 as a Solana-based NFT marketplace. It raised $2.5 million in a seed round in October 2021 to establish the platform and begin initial operations, with lead investors not publicly disclosed. A subsequent $10 million venture round followed in January 2022 led by Alameda Research to expand the team and platform capabilities. The company quickly grew, becoming the leading Solana NFT marketplace by November 2021 with over $2 billion in total sales volume and more than 3 million unique users. Later rounds included a $27 million Series A in March 2022 led by Paradigm and a $130 million Series B in June 2022 at $1.6 billion valuation led by Electric Capital and Greylock. |
Who has invested in Magic Eden?
14 investors have backed Magic Eden across its funding rounds, including Alameda Research, Sequoia Capital, Greylock, Paradigm, Electric Capital and Lightspeed Venture Partners.
Lead investors include Alameda Research, Electric Capital, Greylock and Paradigm.
Magic Eden Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Oct 2021 | ||
| 2 | Participant | Mar 2022 | ||
| 2 | Lead | Mar 2022 | ||
| 2 | Lead | Mar 2022 | ||
| 2 | Lead | Mar 2022 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Participant | Jun 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Magic Eden
Magic Eden has acquired 1 company to date.
Last acquisition by Magic Eden was on April 9th 2025. Magic Eden acquired Slingshot Finance for undisclosed valuation.
Latest Acquisitions by Magic Eden
| Description | Slingshot Finance is a San Francisco-headquartered web3 wallet and DEX aggregator supporting over 50,000 cryptocurrencies across 100+ chains. Users swap, bridge, and track portfolios with non-custodial wallets on web, iOS, and Android, aggregating liquidity from Uniswap and PancakeSwap. Founded in 2020 as remote-first, Slingshot processes millions in daily volume with live charts and NFT support. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 9 Apr 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Magic Eden acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Magic Eden
Magic Eden has invested in 8 companies to date.
Latest investment by Magic Eden was on May 22nd 2023. Magic Eden invested in BoomLand in their $1M Pre-seed round.
Latest Investments by Magic Eden
| Description | BoomLand is a Warsaw-based blockchain gaming platform launched in 2021, featuring play-to-earn titles like Auction of Degens on the Polygon network. Players trade NFT characters, land plots, and metaverse tokens within a sustainable economy. BoomLand hosts multiplayer battles and virtual worlds, enabling asset interoperability across Web3 ecosystems. | - | Storygrounds is a collaborative platform enabling users of all skill levels to create webcomics jointly. Participants contribute panels, dialogue, and artwork in real-time shared projects. The service supports publishing finished comics to web audiences with built-in hosting and sharing features. | Intella X is a blockchain-powered Web3 gaming platform. It delivers applications and developer tools alongside user support to foster community-driven, self-sustaining gaming ecosystems within the decentralized web space. | |
| HQ Country | |||||
| HQ City | Dubai | - | New York City, NY | Singapore | |
| Deal Date | 22 May 2023 | 7 May 2023 | 21 Feb 2023 | 17 Jan 2023 | |
| Round | Pre-seed | Seed | Seed | Seed | |
| Raised | $1M | $5M | $6M | $12M | |
| Investors | Game7; Hyperithm; Polygon | Cogitent Ventures; MV Global; Eclipse Ventures; Polkastarter; Almora Capital; GSR; EMURGO; ULTRA; Mysten Labs; Polygon | Shima Capital; Fabric Ventures; Makers Fund | Planetarium; Pearl Abyss Capital; XLGAMES; Animoca Brands; Global Coin Research; CRIT Ventures; WEMIX; JoyCity; Big Brain Holdings; Polygon | |
| Valuation | undisclosed | undisclosed | undisclosed | $80M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Magic Eden investments and their VC round multiples. Start Free Trial | |||||
Magic Eden Competitors
Magic Eden competitors include listed companies like Securitize and Sharplink, and private ones like Optimism, Uniswap Labs, Matrixport and 5ire.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $45M | - | $1.6B | 36.7x | ||
| Private | - | - | $1.7B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $62M | ($34M) | $1.5B | 22.2x | ||
| Publicly listed | $28M | ($734M) | $1.8B | 39.9x |
Magic Eden Public Comps
Magic Eden is still privately-owned, but its public comps include Securitize, Sharplink, OSL Group, HashKey Holdings, BitGo Holdings, Indokripto Koin Semesta, Rhino Bitcoin, Stewards, Coincheck Group and Hyperliquid Strategies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| - | - | - | - | - | - | |||
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Common questions about Magic Eden
| When was Magic Eden founded? | Magic Eden was founded in 2021. |
| Where is Magic Eden headquartered? | Magic Eden is headquartered in San Francisco, CA, United States. |
| Is Magic Eden publicly listed? | No, Magic Eden is a private, VC-backed company. |
| What is Magic Eden's valuation? | Magic Eden was last valued at $1.6B in its Series B in June 2022. |
| How much funding has Magic Eden raised? | Magic Eden has raised $170M across 5 funding rounds. |
| What was Magic Eden's last funding round? | Magic Eden's last funding round was a $500K ico round in July 2022, led by Alameda Research. |
| Who are Magic Eden's investors? | Magic Eden's investors include Alameda Research, Sequoia Capital, Greylock, Paradigm, Electric Capital, Solana Ventures, Coinbase Ventures, Chris Kalani, Arche Fund, Goodwater Capital and 4 others. |
| What is Magic Eden's revenue? | Magic Eden's latest recorded revenue is $75M (June 2022). |
| What is Magic Eden's revenue multiple? | Magic Eden's latest valuation implies a 21.3x revenue multiple ($1.6B valuation on $75M of revenue). |
| Which companies are comparable to Magic Eden? | Companies comparable to Magic Eden include Optimism, Uniswap Labs, Matrixport, 5ire, Securitize and Sharplink. |
| How many companies has Magic Eden acquired? | Magic Eden has acquired 1 company, including Slingshot Finance. |
| How many companies has Magic Eden invested in? | Magic Eden has invested in 8 companies, including BoomLand, Aether Games, Storygrounds, Intella X, Dust Labs, Internet Game, Panzerdogs and WAGMI Ltd.. |
| What was Magic Eden's last investment? | In May 2023, Magic Eden invested in BoomLand's $1M pre-seed round alongside Game7, Hyperithm and Polygon. |
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