OpenSea as One of the Most Valuable Private Firms in Cryptocurrency

January 5, 2022 Site

Coatue and Paradigm drove a $300 million investment that cements NFT marketplace OpenSea as perhaps the most valuable private firm in cryptocurrency space.

Investors Valued OpenSea at $13.3M

OpenSea said Tuesday night that financial backers valued the company at $13.3 billion in the Series C funding round, up forcefully from the startup’s $1.5 billion valuation in a $100 million Series B announced last July. The New York Times was first to report the news.
Tuesday’s enormous numbers show the rate with which OpenSea has ensconced itself as the main scene for exchanging non-fungible tokens. The firm said in a blog entry it intends to involve the funding for product development, employing, startup investments and to significantly further develop customer support and customer safety.

Regardless of some high-profile user blunders, business has been energetic for OpenSea. Over the most recent 30 days alone, the marketplace for valued profile pics and other digital collectibles logged 1.6 million Ethereum transactions and an exchanging volume of $2.4 billion, according to information compiled by DappRadar.

OpenSea was Launched in 2017

The company was established by Devin Finzer and Alex Atallah in 2017, a long time before NFTs had captured standard interest. Devin and Alex have shown genuine coarseness throughout the most recent four years, enduring uncertainty and sticking to their vision of NFTs as an internet-and world-changing crude.

OpenSea’s most recent round is one more indication of the blast times in crypto venture capital, with more than $30 billion in investments streaming into crypto startups in 2021. Greater valuations have been had in recent months. Notwithstanding, OpenSea might be the lord of the NFTs. Neat Labs, the firm behind NBA Top Shot and the Flow blockchain, captured a $7.6 billion valuation in September in one more round drove by Coatue.

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