Online NFT marketplace OpenSea announced it has secured $300 million in Series C funding, bringing its value to over $13 billion.
Last week, NFT marketplace OpenSea announced it has raised $300 million as part of a Series C funding led by Coatue and Paradigm, bringing the marketplace’s value to over $13.3 billion.
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The capital raised by new and existing investors will allow OpenSea to reach four goals: accelerate product development, improve customer support and customer safety, meaningfully invest in the wider NFT and Web3 community, and grow its team of recruited staff.
“We are excited to work with these incredible partners, thinkers, and builders who collectively bring a depth of experience in Web3, NFTs, and best in class consumer experiences,” explains the company in its announcement.
The digital platform founded in 2018 is based on the Wyvern Protocol, which comprises smart contracts built on the Ethereum blockchain created for buying and selling NFTs.
Last year, the ever-rising NFTs industry saw the sale of over $14 billion worth of unique digital collectibles. Most of the transactions, 91% of them to be precise, came through the sale of digital art collections and digital collectibles.
In the first three days of this year alone, the OpenSea marketplace oversaw more than $700 million in trading volume, according to data posted by Rchen8 on Dune Analytics.