OpenSea’s Value Rises to $13.3 Billion on Growing NFT Market

OpenSea had its second-best month for Ethereum NFTs in December, so it’s no surprise that investors are looking to jump in.

The NFT marketplace OpenSea

NFT marketplace OpenSea announced Tuesday that it has raised $300 million in a Series C funding round. As a result, it is now worth a total of $13.3 billion. This financing round was led by the companies Paradigm and Coatue.

KRH, the current name for the new fund of former Andreessen Horowitz partner Katie Haun, confirmed it was in the round. a16z competed in both Series A and Series B, and Haun has a board seat on OpenSea.

OpenSea co-founder and CEO Devin Finzer said the money would be used to ramp up product development. In addition, it wants to hire more staff and improve customer support. Finally, the large NFT and Web3 world must be enlarged.

“Our vision is to be the destination for these new open digital economies. We start this year by lowering the barriers to entry into the NFT world on OpenSea. We want to invest in the ecosystem and the community that powers it.” According to Finzer.

The Total Value of OpenSea

In July 2020, OpenSea was valued at $1.5 billion after a $100 million Series B round. In November, . reported The Information that it was worth $10 billion through its Series C.

The $13.3 billion value demonstrates the growing appeal of NFTs. NFTs are blockchain-based title deeds for digital assets. OpenSea has some of the most popular Ethereum-based NFT collections in the world, including Bored Ape Yacht Club and CryptoPunks.

OpenSea’s monthly volume continued to impress even as the NFT’s craze cooled off. In December, the NFT market regained popularity and in December, OpenSea registered its second best month ever with $3 billion worth of Ethereum NFTs.

This trend continued into the new year. It had its third best trading day ever on January 2 with $243 million in Ethereum NFT volume. The trading volume of Polygon NFTs is also increasing, growing in three consecutive months to $76.1 million in December.

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New employees

As part of the fundraiser announcement, Finzer revealed that OpenSea has hired former Facebook executive Shiva Rajaraman as its new VP of Product. OpenSea’s previous head of product was Nate Chastai. He left the company after it was discovered that he was using inside information to buy NFTs before they hit the market. He then sold these NFTs for a profit.

Rajamaran will be tasked with helping companies support NFTs from other blockchains. He will also connect users with tools to find digital art and manage their collections.

Last month, OpenSea also hired a new Lyft CFO, Brian Roberts. He was criticized by crypto fans when he set his sights on a traditional IPO.

Paradigm co-founder Fred Ehrsam tweeted about the OpenSea founders:

“Over the past four years, they have shown courage, weathered uncertainties and stuck to their vision of NFTs as an Internet and world-changing primitive.”

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