OpenSea is a digital market that opened its doors in 2018, based on the Wyvern Protocol, which is made up of custom-built Ethereum smart contracts designed specifically for purchasing and selling one-of-a-kind digital items.
The encrypted digital marketplace OpenSea has raised $300 million in funding.
Like the next horizon in collectibles, gaming, and the metaverse, the nonfungible token (NFT) market is gaining traction.
Customers and the community will benefit from the investment
OpenSea announced on Jan. 4 that it has received $300 million in Series C investment led by Coatue and Paradigm to help it realise its ambition.
OpenSea’s valuation has now topped $13.3 billion as a result of the latest acquisition. Apart from Paradigm and Coatue, the round attended by a number of new and old investors, according to OpenSea.
Since the beginning of 2022, OpenSea has produced more than $700 million in trading volume
The funds will be in use by OpenSea to grow its product, improve customer support and security. As well as engage in the larger NFT and Web3 communities, and recruit additional people, according to the company.
NFTs were critical to the worldwide popularity of crypto and blockchain in 2021. According to firm data, the business made almost $14 billion in sales last year. With digital art collections and digital collectibles accounting for 91 % of all purchases.