OpenSea hits US$13 billion valuation

Today, OpenSea raised $300 million in a Series C funding round, increasing its market value to over $13 billion.

The round was led by crypto venture capital firm, Paradigm and hedge-fund sponsor Coatue Management with participation from other old and new investors.

OpenSea reached a $1.5 billion valuation in July last year, after raising $100 million in a round led by Andreessen Horowitz. Many would agree that achieving such a boost in value under six months is impressive, but it is also evidence of how massive the NFT space has grown.

Devin Finzer, the company co-founder and CEO, said the new funding would be used to accelerate product development, improve customer support and safety, hire more personnel, and invest in the web3 community.

"We are committed to expanding the entire NFT ecosystem. This quarter, we are launching a grant program to give us the opportunity to directly support the developers, builders, and creators shaping the future of the NFT space," said Finzer.

"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," he added.

OpenSea was founded in 2017 as a platform for people to buy and sell NFTs. With the rising popularity of crypto collectables, the company has become the leading global platform for NFT sales with a monthly trading volume of billions of dollars.

In other news, there are also reports that OpenSea is making moves to acquire digital wallet provider Dharma Labs Inc.

This deal could cost OpenSea over $100 million, but the company is in a strong position to seal the deal with its newfound wealth.

Neither OpenSea nor Dharma have publicly confirmed anything, but reports state that the terms of the agreement are being "ironed out."

Photo: OpenSea