Non-fungible token (NFT) marketplace OpenSea has reached a valuation of $13.3 billion following its $300 million Series C funding round, the company said in a blog post on 4 January.
According to the announcement, the funding round was co-led by Coatue and Paradigm, and also saw the participation from new and existing investors, such as Kathryn Haun’s — a former Andreessen Horowitz (a16z) partner — investment fund KRH. The investors that participated in the Series C valued the company at $13.3 billion, which is in line with the rumors from November that claimed the marketplace had received investment offers that could value it above $10 billion. The CEO and co-founder of OpenSea, Devin Finzer, said in a statement:
“Our ambition is to foster the scale and growth of the broader NFT ecosystem including raising the profile of emerging creators and investing in the people who shape the NFT space for the better today.”
The newly acquired funds will not only help OpenSea remain the leading venue for trading NFTs, but also accelerate its product development. The company will also improve its customer support and customer safety, hire more employees, and invest in the wider NFT and Web3 communities. OpenSea is also planning to launch a grant program in the first quarter of 2022, which will “support the developers, builders, and creators shaping the future of the NFT space”.
While many crypto and blockchain-related companies started developing and launching their own NFT marketplaces — such as Blockchain.com, FTX.US, and Coinbase — right after the asset class became popular in 2021, OpenSea was established all the way back in 2018. According to data from Dune analytics, the company logged an average of $3 billion in transactions per month in the last quarter of 2021, and has already surpassed $1 billion in volume since the start of 2022.