OpenSea raises $ 300 million for an encrypted digital market

The non-fungible token (NFT) market is gaining momentum as the next frontier in collectibles, gaming, and the metaverse.

To accelerate this vision, OpenSea announced on January 4 that it had secured $ 300 million in Series C funding led by Coatue and Paradigm.

OpenSea is a digital marketplace based on the Wyvern protocol, which is made up of bespoke Ethereum smart contracts that are expressly created to buy and sell unique digital assets. The marketplace was created in 2018.

With the most recent investment, OpenSea’s value has now exceeded $ 13.3 billion. In addition to Paradigm and Coatue, OpenSea noted that a number of new and existing investors have participated in the cycle.

Related: Bored Ape Yacht Club NFT catches up with CryptoPunks and knocks down the price floor

OpenSea said it would use the money to further develop its product, improve customer service and security, invest in the larger NFT and Web3 community, and hire more employees.

In 2021, NFTs have played a major role in the overall success of crypto and blockchain. The industry recorded more than $ 14 billion in sales during the year, with digital art collections and digital collectibles accounting for 91% of transactions, according to company data. OpenSea has already generated over $ 700 million in trade volume since the start of 2022, as Cointelegraph reported.

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