NFT marketplace OpenSea announced Tuesday it has raised $300 million in a Series C funding round and is now valued at $13.3 billion. The round was led by venture capital firms Paradigm and Coatue. In a blog post announcing the funding, OpenSea co-founder and CEO Devin Finzer said the money would be used to ramp up product development and hire more staff while improving customer support and helping grow the larger NFT and Web3 space.
OperaSea is now valued at $13.3 billion.
In July 2020, OpenSea was valued at $1.5 billion after a Series B round that brought in $100 million. It was set for a $10 billion valuation from its Series C funding in November. The $13.3 billion figure OpenSea is reporting today demonstrates the growing appeal of NFTs—blockchain-based deeds of ownership to digital items. OpenSea has hosted some of the most popular Ethereum-based NFT collections in the space, including Bored Ape Yacht Club and CryptoPunks.
NFT market continues to witness significant growth.
OpenSea’s monthly volume has continued to impress months after many declared non-fungible tokens a fad back last June when the initial frenzy cooled. In August, the NFT market caught fire again, and in December, OpenSea registered its second-largest month ever with $3 billion worth of Ethereum NFTs trading hands. It hasn’t slowed down in the new year so far. It had its third-best trading day ever on January 2, with $243 million in Ethereum NFT volume. Its Polygon NFT trading volume is also on the rise, growing in three consecutive months to hit $76.1 million in December.