World’s Largest NFT MarketPlace, OpenSea, Now Valued at Over $13 Billion

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Fresh off a blockbuster year where it dominated NFT sales with 60% market share among marketplaces, OpenSea has raised $300 million in series C funding.

The latest round now values the NFT marketplace, which started in December 2017, at $13.3 billion and included new and existing investors led by Paradigm and Coatue.

In a blog post announcing the fund raise, David Finzer, the Founder and CEO, listed the following goals from this funding:

  • Accelerate product development
  • Significantly improve customer support and safety
  • Invest in the wider NFT and Web 3 community
  • Grow the team

In respect of those goals, the organization announced a new VP of product, a Mr. Shiva Rajaraman, tapped from Meta, with further background from Spotify, Wework, and Youtube.

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SEE ALSOEXPLAINER GUIDE: How to Connect Your MetaMask to OpenSea to Buy and Mint NFTs

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OpenSea says it is aiming to lower the barriers to entry for NFTs by introducing features and simplified flows that abstract away the complexity of the blockchain. They are also committed to accelerating multi-chain support and prioritizing improvements to help people discover, manage, and showcase their NFTs with better tools, analytics, and presentation.

According to OpenSea, NFTs have demonstrated their value as more than just tokens for digital art work, describing then as the ‘building blocks for brand new peer to peer economies.’

“OpenSea’s vision is to become the core destination for these new open digital economies to thrive, building the world’s friendliest and most trusted NFT marketplace with the best selection.”

– OpenSea

As part of their support for web 3 growth, OpenSea took the opportunity to announce it is launching a grant program to directly support the developers, builders, and creators shaping the future of the NFT space. 

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RECOMMENDED READING: EXPLAINER: Debunking Non-Fungible Tokens (NFTs) and What Makes Them Valuable

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