Mega funding round highlights OpenSea’s NFT market dominance.
NFT Marketplace OpenSea Valuation Sky High
A $300 million Series C funding round has been closed for OpenSea, meaning the company’s value is somewhere in the remit of over $13 billion.
The latest round of funding led by big hitters in the investment world such as Paradigm and Coatue Management has outlined the enormity of the company. After a previous funding round of $100 million––participated in by the likes of Andreessen Horowitz and Hollywood star Ashton Kutcher, as per OpenSea’s own information––it appears the valuation has kept growing.
OpenSea’s CEO Devin Finzer set forth the goals of the latest funding round in a blog post on January 4:
“We have four goals for this funding: 1) accelerate product development, 2) significantly improve customer support and customer safety, 3) meaningfully invest in the wider NFT and Web3 community, and 4) grow our team.”
The latest funding will also serve as an effort to see off attempts by the increasing growth and competition within the NFT market. With Coinbase preparing an NFT marketplace and FTX having already established one prior, OpenSea’s latest funding efforts look to underline its dominance.
Whether this dominance will wax or wane as a result of rising competition is yet to be seen, but the latest backing shows there is no shortage of confidence.
What is OpenSea?
OpenSea is the biggest and most popular NFT marketplace where users with a crypto wallet can buy and sell the most popular digital assets known to date. Anything from high-brow photographs and portraits of mutant apes to tokenized collectibles and electronic music is on offer. The marketplace has enjoyed huge media attention due to its dominant role in the NFT space and receiving recognized backing from industry leaders such as Dapper, Coinbase, and Quantstamp.
Source: BSC News
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