OpenSea raises $300 million for crypto market

As the next frontier for collectibles, games, and the metaverse, the non-fungible token (NFT) market is gaining momentum.

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

OpenSea is a digital marketplace based on the Wyvern Protocol, which consists of custom Ethereum smart contracts created specifically for the purchase and sale of unique digital assets. OpenSea was founded in 2018.

With recent investments, OpenSea is now worth more than $13.3 billion. In addition to Paradigm and Coatue, a number of new and existing investors participated in the round, OpenSea noted.

OpenSea said the funding will be used to further develop its product, enhance customer service and security, invest in the wider NFT and Web3 community, and hire additional staff.

In 2021, NFTs have played a major role in the mainstream success of cryptocurrencies and blockchain. According to company data, the industry will generate sales of more than $14 billion in 2021, with digital art collectibles and digital collectibles accounting for 91% of the transactions. According to Cointelegraph, since the beginning of 2022, OpenSea has generated transaction volume worth more than $700 million.

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