Online NFT marketplace OpenSea announced on Tuesday night (4 January 2022) that investors valued the startup at $13.3 billion in its Series C investment round, a significant increase over the startup’s $1.5 billion assessment in its $100 million Series B disclosed last July.
The $300 million investment round headed by Paradigm and Coatue reconfirms NFT platform OpenSea as among the most valued private enterprises in crypto.
The large statistics on Tuesday illustrate how quickly OpenSea has become the main exchange for non-fungible tokens (NFTs). According to DappRadar, the marketplace for valued profile photographs and other digital treasures has documented 1.6 million ETH transactions worth $2.4 billion in the previous 30 days.
Announcing Series C! We’re building the friendliest & most trusted NFT marketplace with the best selection across many chains. The funding helps us accelerate product development, improve trust & safety, and invest deeply in the web3 community & ecosystem. https://t.co/OmRPleMCOX— OpenSea (@opensea) January 5, 2022
Over $30 billion in investments streaming into crypto firms in the year 2021, OpenSea’s current round is another indicator of the boom times in cryptocurrency venture capital.
Devin Finzer & Alex Atallah launched the startup in the year 2017 before NFTs became popular. In a $2 million investment round led by crypto VC company 1confirmation, CoinDesk termed OpenSea as “an eBay for CryptoKitties.”
In an email to CoinDesk, Paradigm Managing Partner Fred Ehrsam stated Devin and Alex had shown tremendous tenacity over the previous four years, despite the uncertainties.
In a statement announcing the investment, OpenSea noted, “We’re working to decrease the barriers to trade for NFTs by offering features and streamlined processes that take away the blockchain’s complexity. We’re also expanding our multi-chain support as well as emphasizing enhancements to help individuals find, manage, and promote their NFTs via improved tools, analytics, & presentation.”