NFT

Leading NFT Marketplace Opensea Raises $300 Million, Firm’s Post-Money Valuation Taps $13.3 Billion

Leading NFT Marketplace Opensea Raises $300 Million, Firm’s Post-Money Valuation Taps $13.3 Billion

Leading NFT Marketplace Opensea Raises $300 Million, Firm's Post-Money Valuation Taps $13.3 Billion

Leading non-fungible token (NFT) market Opensea introduced the agency has raised $300 million in a Series C funding spherical led by Paradigm and Coatue. Opensea’s newest capital increase has propelled the corporate to a $13.3 billion post-money valuation.

Opensea Raises $300 Million, Commands Post-Money Valuation of $13.3 Billion

In mid-November, a report authored by theinformation.com’s Kate Clark and Berber Jin defined that Opensea was fielding new investments after buyers have been allegedly chomping on the bit to fund the challenge. At the time, Opensea’s estimated valuation was $10 billion and two sources stated: “investors are clamoring for a piece of the startup.”

48 days later, Opensea has revealed it raised $300 million in a Series C finance spherical. The workforce says that the brand new funding will go towards “accelerating product development,” “significantly improve customer support,” “investing in the wider NFT and Web3 community,” and increasing the Opensea workforce. The funding spherical was led by Paradigm and Coatue, and a lot of different strategic buyers joined.

Opensea All-Time NFT Sales Near $15 Billion, Eclipsing Competitors, Firm Plans to Launch Grant Program

According to Opensea, the brand new funding offers the corporate a $13.3 billion post-money valuation. Opensea can also be the most important NFT market, when it comes to all-time gross sales, as the corporate has recorded $14.68 billion in gross sales throughout 1,387,357 merchants worldwide. Sales are up greater than 25% over the last 30 days with a recorded $2.91 billion in quantity. The $14.68 billion in gross sales is rather a lot bigger than some other NFT challenge or market.

For instance, the second-largest market, Axie Infinity, has $3.94 billion in all-time gross sales which is 73.16% decrease than Opensea’s gross sales. Devin Finzer, co-founder and CEO of Opensea, defined within the funding announcement that the workforce is making a grant program to assist increase the “entire NFT ecosystem.” At press time, the Opensea platform helps NFTs primarily based on the Ethereum (ETH) and Polygon (MATIC) networks.

“This quarter, we are launching a grant program to give us the opportunity to directly support the developers, builders, and creators shaping the future of the NFT space,” Finzer stated in a press release. “Our ambition is to foster the scale and growth of the broader NFT ecosystem including raising the profile of emerging creators and investing in the people who shape the NFT space for the better today.”

What do you concentrate on Opensea elevating $300 million and the agency’s $13.3 billion post-money valuation? Let us know what you concentrate on this topic within the feedback part beneath.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com News concerning the disruptive protocols rising right now.

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