The Ethereum-based non-fungible token (NFT) market OpenSea is now valued at $13.3 billion after buyers injected extra capital throughout its newest spherical of funding.
In a statement, OpenSea CEO and co-founder Devin Finzer is asserting that the agency raised $300 million within the Collection C funding spherical led by crypto-focused enterprise capital agency Paradigm and world funding supervisor Coatue.
“We’re excited to work with these unimaginable companions, thinkers and builders who collectively convey a depth of expertise in Web3, NFTs, and greatest at school shopper experiences.”
Finzer says that the funding will probably be used to speed up product improvement, enhance buyer help and security, make investments within the NFT and Web3 neighborhood and develop the OpenSea workforce.
“Our ambition is to foster the dimensions and progress of the broader NFT ecosystem together with elevating the profile of rising creators and investing within the individuals who form the NFT house for the higher as we speak.”
The extra investments come as the recognition of NFTs surges. OpenSea processed solely $21 million value of transactions in 2020, however the quantity skyrocketed final yr.
Knowledge from blockchain analysis software Dune Analytics shows that in December alone, OpenSea catered over $3.2 billion in transaction quantity. The platform hit its highest month-to-month quantity in August when it processed over $3.4 billion value of transactions.
“We noticed the NFT ecosystem explode final yr, with OpenSea’s transaction quantity growing over 600x in 2021.”
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