Leading Solana NFT Marketplace, Magic Eden Raises $130M After Reaching $1.6B Valuation

The leading NFT marketplace on the Solana network, Magic Eden, has raised a total of $130 million in a Series B funding round. This funding round was co-led by Electric Capital and Greylock. The seeding round, announced on Tuesday, values the platform at $1.6 billion, making it level with Series B of OpenSea, the top Ethereum NFT marketplace. OpenSea is already valued at $13 billion after its Series C round, which was announced earlier this year. The leading Solana NFT marketplace disclosed that it plans to use the funds raised…

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Solana NFT marketplace Magic Eden closes $130M Series B round at $1.6B valuation

On Tuesday, Magic Eden, a popular nonfungible tokens (NFTs) platform on the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour trading volume, announced that it had closed a Series B round for $130 million. The funding round was led by investors such as Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital  valued the firm at $1.6 billion. The newly-infused capital will be used to expand the company’s primary and secondary marketplaces, explore multi-chain opportunities, allow new hirings, and for use in research and development. Since its…

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Magic Internet Money token depegs as Terra (LUNA) domino effect persists

Magic Internet Money (MIM), a US dollar-pegged stablecoin of the Abracadabra ecosystem, joins the growing list of tokens losing their $1 value amid an untimely crypto winter. The sudden de-pegging of the MIM token commenced roughly on June 17, 7:40 pm ET, which saw the token’s price drop to $0.926 in just three hours. Terra’s LUNA and TerraUSD (UST) death spiral not only affected the investors but also had a negative impact on numerous crypto projects, including Abracadabra’s MIM token ecosystem — as alleged by Twitter handle @AutismCapital. Depegging of…

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DeFi pulls the curtain on financial magic, says EU Blockchain Observatory expert

As decentralized finance continues its victorious march — although the road is sometimes bumpy — some significant questions on its nature remain. How can DeFi applications be protected from becoming nonoperational under extreme stress? Is it really decentralized if some individuals have way more governance tokens than others? Does the anonymous culture compromise its transparency? A recent report from the EU Blockchain Observatory and Forum elaborates on these questions and many others around DeFi. It contains eight sections and covers a range of topics, from the fundamental definition of DeFi…

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AC Milan launches NFT collection, Magic Eden accepts Solana projects’ tokens, and more

Italian professional soccer club AC Milan will be releasing its first-ever nonfungible token (NFT) project in collaboration with the BitMEX crypto exchange, with proceeds going to Fondazione Milan, the clubs’ charity arm. The limited-edition collection will feature 75,817 NFTs, a number representative of the capacity of the club’s home ground San Siro stadium, and will depict a 3D image of a jersey found in South Sudan by Danish war photographer Jan Grarup who was in the country documenting widespread flooding last December. BitMEX partnered with AC Milan to contribute to…

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Magic Eden teams up with Overtime to elevate sports NFT utility

Solana nonfungible token, or NFT, marketplace, Magic Eden has announced a partnership collaboration with popular sporting entertainment platform Overtime to launch an NFT collection proposing to enhance fan engagement and exclusive experiences. The partnership is orientated around the 2022 NCAA men’s basketball tournament, a national college championship conference often referred to as March Madness, and considered one of the largest sporting events in the United States. The tournament will commence on March 15 and conclude with a championship match at the near-75,000 seat Caesars Superdome stadium in New Orleans on…

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Chainlink hackathon, OKExChain nets $2B TVL, and Tencent unveils ‘magic’ NFT platform – Cointelegraph Magazine

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.   Much like last week, China’s minor COVID flareups dominated the headlines as the country seeks to avoid more serious lockdowns. Cryptocurrency managed to stay out of the news, which considering the regulation recently, can only be viewed as a good thing.  Much love for the layer-twos On August 3, IOSG Ventures and Chainlink hosted the Demo Day of…

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‘Christmas magic,’ says Chainlink user who received $11K in donations for $50K mistake

A crypto user who lost roughly $50,000 from a smart contract mistake before the holidays is thanking the crypto community for donating $11,000 to help recover the loss. Earlier this month, Github user dawidkabani13 said he had accidentally sent 4,005 Chainlink (LINK) — worth roughly $47,000 at the time — to an immutable Aavegotchi (GHST) smart contract on the Ethereum blockchain. He immediately realized that it did not support operations for the token and reached out to the crypto community asking for any and all help to recover his “life…

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Dear JK Rowling: Bitcoin is Magic

As part of a recent tweet calling on all novelists to message her with their questions on Bitcoin, CoinDesk journalist Leigh Cuen publicized a tweeted response from none other than beloved Harry Potter author, J.K. Rowling.    “I don’t understand Bitcoin,” Rowling said, adding, “Please explain it to me.” Dear JK Rowling: The first thing you need to understand is that Bitcoin is magic. It allows you to exchange money with anyone in the world instantly, cheaply and securely, without the need for any centralized, Goblin-based banking authority. Chapter 1:…

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John McAfee’s New Crypto Trading Platform ‘Magic’ Goes Live

Noted cybersecurity expert and eccentric crypto fan John McAfee has just launched a cryptocurrency trading platform. Dubbed “Magic,” the site is touted as allowing users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.” Notably, the exchange appears to be non-custodial, with users crypto holdings remaining on eight other exchange platforms. When a trade is executed, funds are transferred from those accounts to compete the transaction. To set this up, users will need to plug in APIs from their other exchanges. Two “portals” are on offer,…

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