OpenSea raises $300M in Series C funding round

OpenSea is the most popular NFT marketplace right now. The platform has seen huge growth in the past 1 year and is now valued at over $13 billion with the latest funding. As OpenSea raises $300M in the latest Series C round led by Paradigm and Coatue, it is all set to launch a new encrypted digital asset marketplace. At present, it is based on the Wyvern protocol that uses custom-built Ethereum smart contracts to buy and sell digital assets, but soon that is going to change.

OpenSea’s goals

The company has listed 4 goals that they have in the near future, and the latest funding will help them get there. OpenSea plans to grow its team and improve its customer support and safety significantly. A company official reported that they have already scaled their teams and have more than 60 people for the same. OpenSea also plans to double this number by the end of 2022. The firm’s new VP of product, Shiva Rajaraman, who has worked for Meta, Spotify, and Youtube, is also the latest valuable addition to the company.

OpenSea raises $300M
Image Source: The Block

They are also planning to boost product development and focus on NFTs and Web3 communities. For the same, they are going to launch a grant program that will support creators, developers, and builders, which will help foster innovation and non-stop development in the space.

The parabolic growth

The company has been growing at a rapid pace. Reaching a valuation of $13 billion in just 3 years is a very big deal. In an even shorter time frame, the company was valued at $1.5 billion just 6 months back. And now it’s 9 times more than that. At the time, they were funded $100 million by an American venture capital firm. In terms of trading volume, OpenSea registered a 600x increase in 2021.

There are a lot of popular NFTs on the platform, like the crypto punks and Bored Ape Yacht club that has generated billions in trading volume in 2021. Even in the future, we can expect this trend to continue as many expect that NFTs could become bigger than cryptocurrencies.

What are your thoughts as OpenSea raises $300M in the latest Series C funding round? And do you think they will achieve all their goals in 2022? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

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