OpenSea is in talks to raise new funding.
LightRocket via a photo by Rafael Henrique/SOPA Images.
The largest and NFT marketplace, OpenSea, just closed a $300 million Series C financing round led by Paradigm and Coatue as well as new investors, valuing the peer-to-peer NFT auction platform at $13.3 billion.
In the last month alone, OpenSea has recorded $2.4 billion in transaction volume, and the CEO said volume has increased "over 600x in 2021."
OpenSea said in a press release that it wants to accelerate product development, improve customer support and safety, and invest in the wider Web3 community.
In March 2020, OpenSea made less than $30,000 in commission revenue. OpenSea continues to see massive trading volume, as well as being a household name in the Web3 space, with co-founder Alex Atallah.
Wall Street has taken notice of NFTs. As it sits at the center of the metaverse, Goldman said that cryptocurrencies will be one of the most disruptive technology trends. Grayscale said virtual real estate has a potential $1 trillion a year revenue opportunity.
Sales of the popular NFT series Bored Ape Yacht Club jumped past $1 billion this week on the back of high-profile buyers like hip hop artist Emmitt and NBA star Stephen Curry.
Business Insider has an original article.
