Valuation Up By 800%: Opensea Closes At $13 Billion At Latest Fundraise

Founded by Devin Finzer and Alex Atallah in 2017, Opensea is a peer-to-peer marketplace for NFTs, rare digital items and crypto collectibles. As the largest NFT marketplace online – not only is Opensea a hot topic today on twitter – but in accordance with the Series C funding round, the firm’s recent valuation at $13.3 billion places it among the most rapidly growing platforms throughout 2021.

OpenSea CEO, Devin Finzer, remarked that the transaction volume of Opensea increased “over 600x in 2021,” this accompanied by a notable increase in value from its $1.5 billion valuation just the previous year.

From The Funding Round

According to Crypto Daily, OpenSea announced that it had successfully closed a $300 million funding round after reports began emerging about its funding effort. Raising 1.5 billion last year, sources told that Opensea planned to raise an ambitious sum of $15 billion this time, before investors settled at a lower figure. Disclosing that that Coatue Management and Paradigm led the round, Eric Newcomer was the one to reveal the $13 billion figure.

Set to keep up with the pace, Opensea stated that it fully intends to expand its roots further by setting goals that include accelerating product development, improving customer support and safety, meaningfully investing in the wider Web3 community, and growing the team, following this funding round.

Business Insider reports, in March 2020, Opensea made less than$30,000 in commision revenue per month. But today, Finzer and co-founder Alex Atallah are household names in the Web3 space and OpenSea continues to see massive trading volume. 

The NFT Market Rise Up

Wall Street, too, has taken notice of NFTs and the wider metaverse sector at this point. “NFTs” have come up in a big way in 2021, having turned into one of the most looked for google searches of the year.

Emerging from being a tight knit niche all the way into became a thing that’s now quite mainstream, non-fungible tokens were sold and capitalized on by a variegated group of entities, from leagues like NBA and WWE to the household brand name Addidas, it was even bought by music artists and other famous personalities like Eminem, Jimmy Fallon, Post Malone, Stephen Curry, Logan Paul, Marshmellow, and the list goes on.

Click here to read Shark Tank’s Kevin O’Leary Believes That NFTs Could Be Bigger Than Bitcoin, Here’s Why.

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Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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