HomeNewsOpenSea NFT Marketplace closes a $300 Million Funding Round

OpenSea NFT Marketplace closes a $300 Million Funding Round

In the world of NFT, OpenSea holds a pretty important place. Arguably the most popular NFT marketplace, OpenSea recently closed a $300 million funding round, valuing itself at $13.3 billion.

Paradigm and Coatue led this round, cementing OpenSea NFT marketplace as one of the most valuable private crypto firms. OpenSea said yesterday that investors valued their platform at $13.3 billion in a Series C funding round.

This is a huge jump from the $1.5 billion valuations the marketplace had earlier deduced from the $100 million series B round.

Boosting its appeal with this new valuation, OpenSea wrote in its blog post:

“We are excited to work with these incredible partners, thinkers, and builders who collectively bring a depth of experience in Web3, NFTs, and best in class consumer experiences.

OpenSea has also evaluated four goals to achieve from this funding:

  1. Accelrate product development.
  2. Significantly improve customer support and customer safety.
  3. Meaningfully invest in the wider NFT and Web 3 community.
  4. Grow our team.

Besides this, OpenSea is also focusing on improving its trust, safety, and reliability with its community:

“We’re actively expanding our efforts across customer support, trust and safety, and site stability and integrity. This includes both product and technical investments to enable systems that protect and empower our users, as well as significant investments in in-person customer support operations.

It’s good to see the team focusing on this aspect since it has seen some close calls that have dented its image to an extent. Despite all this, the marketplace logged 1.6 million ETH transactions. Moreover, according to DappRadar, OpenSea has had a trading volume of $2.4 billion in the last 30 days alone.

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