OpenSea Raises $300M In Series C.

Paradigm and Coatue lead the Series C investment round. OpenSea previously raised $100 million in a Series B financing.

OpenSea reported that it had received $300 million in Series C fundraising at a post-money valuation of $13.3 billion. “Paradigm and Coatue led the round, with participation from new and existing investors,” according to the release.

The money raised will be allocated into four main goals: Accelerate product development, improve customer support and safety, invest in the wider NFT and Web3 community and expand the team.

Lowering the barriers to entry for NFTs is critical to the company’s objectives. Furthermore, the platform is considering providing assistance and prioritizing enhancements to help customers “discover, manage, and showcase their NFTs with better tools, analytics, and presentation.”

OpenSea was valued at $1.5 billion as recently as July 2020, following a $100 million Series B financing. The Information reported in November that it was targeting a $10 billion value from its Series C.

The $13.3 billion amount announced today highlights the rising popularity of NFTs, which are blockchain-based certificates of ownership to digital objects. Bored Ape Yacht Club and CryptoPunks are two of the most popular Ethereum-based NFT collections offered by OpenSea.

The platform’s monthly volume had continued to astonish, long after many dismissed non-fungible tokens as a fad when the initial craze subsided in June. The NFT market re-ignited in August, and the platform had its second-largest month ever in December, with $3 billion in Ethereum NFTs changing hands.

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Patrick

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