OpenSea surpasses a total valuation of $13.3 billion

• Avinandan Banerjee
• January 06, 2022

Reportedly, Devin Finzer, the Co-Founder of OpenSea – said that his company aims to become the world’s most amiable and most relied NFT marketplace with the finest selection.

 

OpenSea’s valuation increased by $13.3 billion by a $300 million Series C funding round. The fund round was led by hedge fund Coatue and cryptocurrency venture firm Paradigm.

 

Investors fund capital mainly into startups and flourishing businesses in Series C rounds. They hope to receive back more than double the amount invested. Series C funding is concentrated on scaling the business, expanding as fast and successfully as possible.

 

To say, OpenSea was worth $1.5 billion only half a year before. Back then, the greatest American venture capital enterprise – Andreessen Horowitz – led a $100 million Series B funding round.

 

Despite a few high-profile user errors, the company has been swift in progress. According to recent reports, the NFT marketplace logged 1.6 million Ethereum transactions and a trading volume of $2.4 billion for tailored profile pics and other digital assets.

 

“Devin and Alex have demonstrated true spirit over the past four years, enduring uncertainty and adhering to their concept of NFTs as an internet and world-changing element,” Paradigm Managing Partner Fred Ehrsam informed CoinDesk through email.

 

Investors such as Coatue and Paradigm led the C fund. OpenSea represented them as “wonderful partners, philosophers, and creators” that have the capability to bring “finest in class customer experiences.”

 

The NFT marketplace pledged that it would distribute the $300 million investment into four classes:

• Enhance product development.
• Improve customer support.
• Invest in the broader NFT and Web3 ecosystem.
• Develop its team.

 

First, the company plans to enhance product development. For this, they have already hired Shiva Rajaraman as its new VP of Product.

 

Second, OpenSea promised to enhance its customers’ support policy. “We have presently expanded our client trust and security groups to more than 65 individuals and hope to double that group by the end of 2022,” Finzer disclosed.

 

Third, the firm wants to fund in the broader NFT ecosystem. It added that in Q1 2022, it intends to launch a grant scheme that would allow direct aid for developers, creators, and builders, redefining the destiny of the non-fungible token ecosystem.

 

Lastly, OpenSea will welcome people who want to become part of the rising NFT universe. “We couldn’t be more enthusiastic about the upcoming journey,” Finzer concluded that they would cherish the 600x increase, which his company acquired in trading volume in 2021.

 

About OpenSea

OpenSea is an online marketplace for non-fungible tokens. It was founded by Devin Finzer and Alex Atallah in New York on December 20, 2017. We all know, OpenSea labels itself as the largest market for digital goods. Except for digital art, there are collectibles, domain names, game items, and even digital replicas of physical assets. Basically, OpenSea is similar to eBay, with millions of goods classified into hundreds of varieties.