Non-fungible token marketplace Magic Eden draws $1.6 bln valuation in investment round

Non-fungible token (NFT) marketplace Euclid Labs Inc., which does business under the name Magic Eden, said Tuesday it closed a $130 million Series B funding round co-led by Electric Capital and Greylock, with new anchor investor Lightspeed Ventures, as well as existing investors Paradigm and Sequoia Capital. The investment round values San Francisco-based Magic Eden at $1.6 billion. "Since its inception in Sept., 2021, Magic Eden has become the leading platform for users looking to create, discover, and collect unique NFTs," the company said. Its NFT marketplace receives 22 million unique sessions per month on average, with more than 40,000 NFTs traded daily.