NFT marketpalce OpenSea raised $300 million in series C funding round

Opensea's market value has now outperformed $13.3 billion following the new cash injection.

NFT marketpalce OpenSea raised $300 million in series C funding round

The nonfungible token(NFT) market is acquiring momentum as the next frontier in collectibles, gaming, and the metaverse.

To accelerate this vision, OpenSea declared on Jan 4 that it has secured $300 million in a Series C funding led by Coatue and Paradigm.

Opensea is a digital market based on the Wyvern Protocol, which is composed of custom build Ethereum smart contracts that are expressly developed for buying and selling unique digital assets. The marketplace was established in 2018

With the most recent investment, openSea's value has now outperformed &$13.3 billion Apart from Paradigm and Coatue, OpenSea noticed that there were a number of both new and existing investors who participated in the round.

OpenSea said it will use the money to additionally develop its product, enhance customer service and security, invest in the wider NFT and Web3 community, and hire more employees. 

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

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