certify
Home arrow Article arrow Article Detail

NFT Marketplace OpenSea Valued at $13.3 Billion in a Series C funding

Profile Image

Indrani bose Follow

INDIA

Jan, 05 2022

Jan, 05 2022

likes 0 | comments 0

Article Image

OpenSea which is a leading NFT marketplace and blockchain start-ups in Silicon Valley announced on Tuesday night that it has raised $300 million in a Series C funding round led by venture capital firms Paradigm and Coatue Management. Investors now valued the company at $13.3 billion just four years after it was founded.

OpenSea co-founder and CEO Devin Finzer in a blog post highlighted that the money will be used for product development and recruiting more staff. Helping to develop the larger NFT and Web3 while improving customer support will also be their focus. Through an emailed statement, Finzer highlighted that this year, OpenSea will reduce the barriers for entry to the NFT space on OpenSea and will focus more on investing in the ecosystem and the community that powers it. On Twitter, OpenSea said “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”.

During the announcement about raising funds, Finzer also revealed about hiring OpenSea’s new VP of Product Shiva Rajaraman who was the former Facebook executive. Former, head of product Nate Chastain, left the company as he found using inside information to buy NFTs before they appeared on the marketplace and sold them at a profit.

About OpenSea:

OpenSea which was founded in 2017, was created as a marketplace to trade on nonfungible tokens that are backed by blockchain technology.  Famous Ethereum-based NFT collections in the space, including Bored Ape Yacht Club and CryptoPunks are being hosted in OpenSea.

Earlier fundraising event:

In July 2020, as per company data, OpenSea was valued at $1.5 billion after it raised more than $100 million in Series B from investors like firm Andreessen Horowitz and the actor Ashton Kutcher. This news was first highlighted by The New York Times. In November, as per report, it was set for a $10 billion valuation from its Series C.

 

Also Read | NFT marketplace OpenSea freezes $2.2M of stolen Bored Apes


likes 0 Likes | comments 0 Comments

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.