Magic Eden Raises $27 Million As Growth Slows?!!

Magic Eden, the NFT marketplace has closed a $27 million Series A round. Paradigm, a crypto-native venture capital firm, led the investment. Cash will be used to invest in partnerships, develop a gaming sector, and establish a mobile application that allows users to browse, mint, and trade NFTs. The NFTs are digital assets that act as a signal or key to an exclusive online community. Average selling price for an NFT has dropped to $3,000 since topping $6,000 in the first week of January.