_edited.png)
The Magical Garden of Eden. Magic Eden - where you can take a bite out of the NFT apple. Or the Apple of NFTs?
All of us know what Magic Eden is if you have eyes. Joining the ranks of Lime (like the e-scooters), Instagram (when Facebook bought it in 2012), the Oklahoma City Thunder (per Sportica valuation,) and even OpenSea during its Series B funding. Magic Eden hit “Unicorn” status in only 9 months. 9 months…
This is pretty f&^%ing awesome.
Even during a bear market, the Venture Capitalists are out stacking SOL. Or in this case, taking a bite out of the apple. Our dose of hopium. Led by Greylock and Electric Capital, this round of funding will allow the company to further expand into other chains, blockchain developments and explore other types of NFT’s and create the use case and utility that we as investors are yearning for. Also improving on the UI/UX and collaborations with other projects that will improve the Solana experience overall. The newest Phantom integration is mind boggling in itself.
Numba’s don’t lie:
Let's look at a few numbers that Magic Eden is currently tailing OpenSea on:
$7.5 Million Revenue in May, 2022
330,000 True Sales (per DappRadar)
250+ Project Launches, + 50 Games
Only crashed like 9 times
Again, all during a bear market.
Let’s not forget their Launchpad and Eden Games, which could be standalone sites by themselves, as well as an employee count of 71, an education and training aspect, social media presence and PR outreach. Doing more than expected, time and time again.
A few things Venture Capitalists look at would not only include cash flows and revenue, but user base and growth. Magic Eden saw 316% growth in user base in only a 30-day period, compared to OpenSea witnessing a 600x in 2021. This shows future signs of growth as all signs point to Solana.
Magic Eden has doused competitors in such a way that it’s no wonder why they have 90%+ market share. When you get started with Solana NFTs, Magic Eden is one of the first places you go without ever having to leave your parents' basement.
User Base:
28 million wallets traded NFT’s in 2021, so the .4% of the population in the world who even know what a non-fungible token is, are early. Let’s not forget this is probably diluted with burner wallets as well. For simple math purposes, this is 10% that of Crypto user numbers, which came in close to 300 million in 2021. Leaving room for a meager 10x if only reaching the same customer base that crypto is at currently.
In such an early adoption phase of Crypto and NFT’s, this leaves so much room for growth that it only makes sense to continue down the path we’re on.
I personally was not around to take advantage of the dotcom boom, but I can foresee Magic Eden, Opensea and others being the faces of Web3 as we are only beginning.
Only up szn, coming to a Solana summer near you?
Magic Eden’s CEO quoted Tuesday,
"I think the mental model for us is: Everyone is really getting into this space to bet that this is going to be 100x to 1,000x bigger in the future than what it is today," says Lu. "There's many analogies to the early days of social media. Everyone said LinkedIn, Facebook, and Pinterest would be competitive. But over time, the space grew. "
Most startups see multiple X growth, year over year, so it wouldn’t be a surprise to me to see Magic Eden valued at 13 Billion or MORE, just like Open Sea, by the end of 2022, or the start of 2023. We could be in for the Solana Summer we have dreamed of.