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OpenSea Raises $300M In Series C Funding Led By Coatue And Paradigm

OpenSea has raised $300 million in Series C funding led by Coatue and Paradigm.

It has been reported that OpenSea comprises custom-built Ethereum smart contracts that are expressly created for buying and selling unique digital assets. The marketplace was established in 2018. With the most recent investment, OpenSea’s value has now surpassed $13.3 billion.

However, apart from Paradigm and Coatue, OpenSea noted that there were a number of both new and existing investors that participated in the round. OpenSea said it was going to use the money to further develop its product, enhance customer service and security, invest in the wider NFT and Web3 communities, and hire more employees.

The report said that in 2021, NFTs played a major role in the mainstream success of crypto and blockchain. The industry recorded over $14 billion in sales during the year, with digital art collections and digital collectibles accounting for 91% of transactions, according to company data.

Thus, OpenSea has already generated more than $700 million worth of trade volume since the start of 2022.

Source: Cointelegraph