What Magic Eden does

Magic Eden (legal entity Euclid Labs, Inc.) is a San Francisco-based crypto marketplace platform founded in 2021 that operates a multi-chain NFT trading venue and, as of 2026, has pivoted toward crypto entertainment and iGaming. Its core product is the leading Solana NFT marketplace, supporting token standards including Metaplex Core, Token 22, cNFTs, inscriptions, and SPL20, with features such as bulk listings, sweeping, escrow, and advanced trading views. The platform extends across additional chains (Ethereum, Polygon, Bitcoin Ordinals and Runes, Base, Monad), though Magic Eden announced in February 2026 that it would wind down Bitcoin and EVM operations to focus exclusively on Solana and its new Dicey crypto casino and sportsbook, launched in January 2026.

The business generates revenue through multiple streams: NFT marketplace transaction commissions, NFT pack product sales (Packs, SOL Packs, NFT Gift Packs), the Dicey iGaming platform, and a token buyback program that returns 30% of NFT marketplace revenue to ME token holders. The company also operates a Slingshot-acquired meme coin trading product. Magic Eden has raised approximately $157M in venture capital across a $27M Series A (led by Paradigm, March 2022) and a $130M Series B (co-led by Electric Capital and Greylock, June 2022, at a $1.6B valuation), with backing from Sequoia Capital, Lightspeed, and Solana Ventures. It serves individual NFT traders, collectors, and gaming-NFT users on a self-serve basis, with distribution primarily through its website, mobile app (being removed from stores in 2026), and a developer Discord.

Magic Eden's go-to-market is product-led growth on a self-serve web and mobile platform, supplemented by community-driven engagement on Twitter/X and Discord, ecosystem partnerships (Solana Game Pass, Sequence, GAM3S.GG), and event marketing (GAM3 Awards). Distribution has contracted sharply: as of 2026, the company has divested its multi-chain wallet, shut down Bitcoin and EVM marketplaces, and faces a class action lawsuit in EDNY related to ME token promotion. The company employs 51-100 people and continues to operate, but its strategic direction has shifted decisively from NFT marketplace operator to crypto gambling and entertainment platform.

Name

Magic Eden

Legal name

Euclid Labs, Inc.

Website

https://magiceden.io

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Magic Eden is a San Francisco-based crypto marketplace that operates the leading Solana NFT marketplace and has pivoted to iGaming via its Dicey crypto casino. It serves individual NFT traders, collectors, and crypto gambling users on a self-serve basis.

Ownership category

akta.pro rank

Product category

NFT Marketplace

NAICS

Securities and Commodity Exchanges (52321), Gambling Industries (7132)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

General NFT Marketplaces (Multi-Category) (FSADANAA)

akta.pro secondary industries

NFT Marketplaces & Aggregators (primary/secondary, discovery, cross-market routing) (FSAPAFAB), Gaming NFTs & In-Game Asset Marketplaces (FSADANAF), NFT Launchpads & Distribution (drops, allowlists, mint passes, creator distribution) (FSAPAFAK)

Keywords

• NFT marketplace
• Solana blockchain trading
• Digital collectibles platform
• Crypto iGaming
• Multi-chain NFT trading

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. NFT Marketplace Commission: Magic Eden charges transaction fees on NFT trades executed through its marketplace across Solana, Ethereum, Polygon, Bitcoin, and other supported chains.
2. NFT Pack Sales: Sale of NFT packs (e.g., SOL Packs, Pokémon NFT Packs) directly to consumers. Packs platform generated approximately $15 million in its first week of launch.
3. iGaming / Dicey Casino: Revenue generated from the Dicey crypto casino and sportsbook platform launched January 2026. Closed beta with ~200 users generated $15 million in wagers over two months.
4. ME Token Buyback Program: NFT marketplace buyback program returning 30% of NFT marketplace revenue to token holders and NFT collections.
5. Meme Coin Trading (Slingshot): Revenue from meme coin trading through Slingshot acquisition, expanding beyond NFT trading into broader crypto asset speculation.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Magic Eden operates a Solana-focused NFT marketplace where users can buy, sell, and discover NFTs, with support for Metaplex Core, Token 22, cNFTs, inscriptions, and SPL20, plus bulk listing, sweeping, escrow, and advanced trading views. The platform has expanded into crypto entertainment through the Packs product (NFT pack openings), NFT Gift Packs, Lucky Buy, meme-coin trading via the Slingshot acquisition, and the Dicey crypto casino and sportsbook launched in January 2026.

Product overview

Magic Eden has evolved from a single Solana-based NFT marketplace into a multi-product crypto entertainment platform. The core offering remains the Solana NFT Marketplace (supporting Metaplex Core, Token 22, cNFTs, inscriptions, and SPL20), supplemented by the Packs Platform and NFT Gift Packs for collectible trading. The company has expanded into iGaming with Dicey (crypto casino and sportsbook) and acquired Slingshot for meme coin trading. Additional features include Lucky Buy gaming and the ME token for platform utility. Magic Eden previously offered multi-chain support across Solana, Ethereum, Polygon, Bitcoin, and Base, but discontinued Bitcoin/EVM marketplaces and its crypto wallet in 2026 to focus exclusively on Solana and iGaming.

Differentiator

Problem solved

Functional benefit

Products and services

• Magic Eden Solana NFT Marketplace Self-serve Solana NFT marketplace where individual traders and collectors buy, sell, mint, and discover NFTs from top creators, with support for major token standards and professional trading tools.
• Packs Platform NFT pack opening platform offering randomized pack purchases with tiered rarity (e.g., Sol Platinum) and better odds for rare items; part of Magic Eden's crypto entertainment line.
• NFT Gift Packs NFT pack product allowing users to purchase packs containing collectible NFTs with various rarity levels; part of the gifting and entertainment line.
• Lucky Buy
• Dicey Crypto casino and sportsbook platform launched as Magic Eden's strategic pivot toward higher-revenue crypto entertainment and online gambling.
• Slingshot Meme-coin and broader crypto asset trading application acquired by Magic Eden to extend the platform beyond NFT trading into crypto asset speculation.
• ME Token Magic Eden's native platform token used across the marketplace, Packs, and ecosystem products, supported by a buyback program returning 30% of NFT marketplace revenue to token holders and collections.

Quantifiable outcome

• Packs feature generated ~$15 million in first week of launch
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Eleven partnerships are on record, tiered strategic, minor and core.

• SequencestrategicTechnology or Integration · 2 December 2025Magic Eden and Sequence announced a strategic partnership to support developers in building web3 marketplaces. The collaboration includes wallet interoperability, marketplace customization, and monetization solutions aimed at streamlining user experiences and fostering sustainable growth in the web3 ecosystem.
• GAM3S.GGstrategicStrategic or Co-development Partner · 2 December 2025Magic Eden partnered with GAM3S.GG as a key ecosystem partner for Solana Game Pass: Season 0, a month-long gaming initiative featuring over 30 games with weekly quests and rewards. Participants receive Free Game Pass NFTs, exclusive quests, raffle tickets, and opportunities to win NFTs and Solana tokens.
• Play SolanaminorStrategic or Co-development Partner · 2 December 2025Play Solana is listed as an ecosystem partner for Solana Game Pass: Season 0, contributing to Solana's web3 gaming ecosystem alongside Magic Eden, GAM3S.GG, and other partners.
• SolflareminorStrategic or Co-development Partner · 2 December 2025Solflare is listed as an ecosystem partner for Solana Game Pass: Season 0, a month-long Solana blockchain gaming initiative.
• GamerBoomminorStrategic or Co-development Partner · 2 December 2025GamerBoom is listed as an ecosystem partner for Solana Game Pass: Season 0.
• DRiPminorStrategic or Co-development Partner · 2 December 2025DRiP is listed as an ecosystem partner for Solana Game Pass: Season 0.
• GetTrumpMemes.comminorGTM or Marketing Partner · 4 June 2025Magic Eden CEO Jack Lu confirmed the marketplace's involvement in the $TRUMP Wallet project alongside GetTrumpMemes.com. Magic Eden provided wallet infrastructure for the promotional effort, which drew scrutiny over political connections.
• SlingshotcoreStrategic or Co-development Partner · 9 April 2025Magic Eden acquired Slingshot, a trading platform, in April 2025 as part of its push to expand beyond NFTs. The acquisition enabled Magic Eden to offer meme coin trading and broader crypto asset trading capabilities.
• Yield Guild GamesstrategicStrategic or Co-development Partner · 22 November 2024Yield Guild Games co-presented the GAM3 Awards 2024 in Manila with Magic Eden, featuring a $5 million prize pool and attracting 450,000+ views within 24 hours.
• PolygoncoreTechnology or Integration · 22 November 2022Magic Eden announced integration with Polygon (Ethereum scaling layer-2) to expand into blockchain gaming and NFT ecosystems. The integration aimed to support Polygon's ecosystem of game developers and creators and facilitate onboarding of global brands and users onto Magic Eden's multi-chain platform.
• MonadstrategicTechnology or IntegrationMagic Eden expanded its marketplace across Solana, Bitcoin, Ethereum, and Monad blockchain. Monad is a high-performance Layer 1 blockchain with Ethereum Virtual Machine compatibility, and Magic Eden is a confirmed ecosystem partner for Monad alongside OpenSea.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• OpenSea: OpenSea is the largest and longest-established NFT marketplace, supporting Ethereum, Polygon, Solana, and other chains. It is Magic Eden's primary head-to-head competitor for both casual collectors and professional NFT traders, with overlapping trading tools and featured collection placements.
• Blur: Blur is a pro-trader focused NFT marketplace that gained rapid market share by offering 0% marketplace fees and advanced bulk trading tools. It directly competes with Magic Eden for high-volume traders and has been a major disruptor to incumbent marketplace economics.
• Tensor: Tensor is a Solana-native NFT marketplace offering advanced pro trading features, real-time data, and aggregator functionality. It is the most direct head-to-head competitor for Magic Eden's Solana NFT volume and its professional trader base.
• Rarible: Rarible is a multi-chain NFT marketplace supporting Ethereum, Polygon, Solana, and other chains, with aggregation across OpenSea and other venues. It is comparable to Magic Eden in offering cross-chain discovery and trading, with a similar target market of collectors and traders.

Broad incumbents

• OKX NFT Marketplace: OKX is a global crypto exchange that operates an integrated multi-chain NFT marketplace as part of its broader trading platform. It is comparable to Magic Eden in NFT marketplace functionality but offers this as one of many products within a larger exchange ecosystem.
• Coinbase NFT: Coinbase is a major U.S. crypto exchange that has offered an NFT marketplace. It is comparable to Magic Eden as a regulated, mainstream on-ramp for NFT trading, though NFT is a much smaller product within Coinbase's overall business.

Emerging players

• Immutable: Immutable is a gaming-focused web3 platform with its own NFT marketplace and tooling for blockchain game studios. It is comparable to Magic Eden in the gaming NFT segment, particularly relevant given Magic Eden's Solana Game Pass and gaming partnership push.
• Rollbit: Rollbit is a crypto casino and sportsbook with token-based incentive mechanics. It is comparable to Magic Eden's Dicey platform as a direct competitor in the crypto iGaming space that Magic Eden has pivoted toward.

Others

• Sequence: Sequence is a web3 developer infrastructure platform providing wallets, marketplace builders, and payment solutions. It is a strategic partner of Magic Eden for marketplace customization tooling, and an adjacent infrastructure provider to the NFT/gaming ecosystem.
• Phantom Wallet: Phantom is the leading Solana crypto wallet. It is comparable to Magic Eden's now-discontinued multi-chain wallet product, and serves as the primary wallet interface through which Solana users access Magic Eden's marketplace.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/MagicEden
• LinkedInlinkedin.com/company/magic-eden

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds5 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Magic Eden