OpenSea records $300 million raise for its encrypted digital marketplace
According to OpenSea’s January 4 announcement, the nonfungible token (NFT) market is gaining acceleration as the next frontier in collectibles, gaming and the metaverse.
As an extension of momentum towards its vision, OpenSea stated in its latest announcement that it had secured $300 million in a Series C funding that is led by Coatue and Paradigm.
Based on the Wyvern Protocol, OpenSea is a digital market composed of custom-built Ethereum smart contracts that have been expressly created for buying and selling unique digital assets. It was established as a marketplace back in 2018.
With its most recent investment, OpenSea’s value has surpassed $13.3 billion. Apart from Paradigm and Coatue, OpenSea also noted that a number of both new and existing investors had registered participation in the round.
OpenSea further said that it would use the money for developing its product, security, enhancement of customer services and invest in the wider NFT and Web3 community, besides hiring more employees for the domain.
NFTs played a major role in the year 2021 in mainstreaming the success of crypto and blockchain. The industry has recorded over $14 billion in sales last year, with digital art collections and digital collectibles accounting for 91 per cent of total transactions, as per company data.
OpenSea has also generated more than $700 million worth of trade volume with the start of 2022.