NFT Marketplace OpenSea Bags $300 Million in Fresh Investment, Takes Valuation to $13.3 Billion

OpenSea’s market valuation stood at 1.5 billion (roughly Rs. 11,150 crore) in July last year.

NFT Marketplace OpenSea Bags $300 Million in Fresh Investment, Takes Valuation to $13.3 Billion

Photo Credit: Pexels

OpenSea was founded by Devin Finzer and Alex Atallah in 2017 with its head office in New York City

Highlights
  • OpenSea ropes in capital amid boom in NFT sales
  • OpenSea logged millions of dollars’ worth of transactions and trade
  • NFT sales remain on the up

OpenSea, the online marketplace for non-fungible tokens (NFTs), has bagged a fresh investment of $300 million (roughly Rs. 2,229 crore). The capital came to the company in a Series C funding round led by two companies, Paradigm and Coatue. With this, the market valuation of OpenSea currently stands at $13.3 billion (roughly Rs. 98,868 crore). The development comes at a time the NFT sector is booming in several parts of the world with the likes of many international artists and celebrities.

For the next phase of developments that would be supported by the fresh funding, OpenSea has listed four goals.

“We have four goals for this funding: accelerate product development, significantly improve customer support and customer safety, meaningfully invest in the wider NFT and Web3 community, and grow our team,” the New York City, US-based company said in a statement.

NFTs are digital collectibles, inspired by an array of things like artwork, music, and video games among others.

Surging sales and hefty prices of NFTs have baffled many, but the multi-fold growth shows little or no depreciation whatsoever.

Rapper Snoop Dogg owns what is considered to be among the most expensive NFTs. It is a Fidenza digital artwork number 938 called “God Mode” that cost Snoop Dogg $8.5 million (roughly Rs. 63 crore).

In the third quarter of 2021, NFT sales volume surged to $10.7 billion (roughly Rs. 79,820 crore), up more than eightfold from the previous quarter, according to data from market tracker DappRadar.

In the last 30 days alone, OpenSea which is one of the largest marketplaces for NFTs, clocked 1.6 million Ethereum transactions and a trading volume of $2.4 billion (roughly Rs. 17,841 crore), another report by DappRadar, released recently said.

In July last year, OpenSea's market valuation stood at 1.5 billion (roughly Rs. 11,150 crore).

Several other global artists including Eminem and Amitabh Bachchan have marked their presence in the NFT world.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: OpenSea, NFT, Non-Fungible Tokens
Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
CES 2022: PlayStation VR2 Unveiled With OLED HDR Displays, Horizon Call of the Mountain Game Announced
Google News Showcase, Use of Personal Data Being Investigated by Germany's Federal Cartel Office
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.