Quick Take:
- OpenSea is now valued at about $13.3 billion based on its most recent capital raise.
- The world’s largest NFT marketplace completed a Series C funding round, raising $300 million.
- The fundraising was led by venture capital firms, Paradigm and Coatue.
OpenSea’s market value rocketed to more than $13 billion following its latest funding round. The World’s largest NFT marketplace revealed late on Tuesday, that it completed a Series C funding round led by Paradigm and Coatue, raising $300 million.
OpenSea’s trading volume has spiked significantly this year, extending last year’s trend. As per the latest figures from Dune, posted by @Rchen8, the platform has already surpassed the $1 billion trading volume.
Therefore, OpenSea seems on course to set a new record for the highest monthly volume, if the trading activity continues as witnessed in the early days of January. The current record of $3.42 billion was set in August, during which the platform also recorded the highest daily volume of $322 million.
The platform’s activity has been driven by an influx of celebrities seeking to snap up leading NFTs. As revealed in our previous coverage, the likes of Eminem and Dave Chappelle have recently snapped up the Bored Ape NFTs.
The surge in trading volume has helped to drive OpenSea’s market value from Andreessen Horowitz’s valuation of about $1.5 billion six months ago to $13.3 billion, highlighting the growing demand for non-fungible tokens.
The explosion of the NFT industry has not gone unnoticed by leading crypto exchange platforms. Both Coinbase and Binance have since joined the market, bringing their well-financed projects to the arena.
As a result, some crypto investors think native NFT platforms like OpenSea could suffer, putting a handbrake on their explosive growth in 2022.
Nonetheless, judging on what we have seen so far, and the ability of the industry to attract more NFT collectors, OpenSea may yet have more room to grow.
Commenting on the platform’s growth over the last 12 months, OpenSea CEO Devin Finzer pointed to its transaction volume’s 600x growth, hinting that there could be more to come.“We’re just getting started – and we need to scale our team quickly!” He called on those “motivated to build the destination for new open digital economies” to apply for positions advertised across the board.
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