NFT marketplace OpenSea valued at more than $13bn

The image is from the same source.

OpenSea says it is now worth $13.3 billion after a new investment of $300 million.

The platform allows trade in NFTs, unique pieces of digital code that can be associated with a digital asset such as a work of digital art.

Some NFTs have sold for a lot of money.

OpenSea says trades on the platform rose 600-fold last year.

The world woke up to the idea that NFTs are the basic building blocks for new peer-to-peer economies in 2021, according to the company's co- founder.

Some argue that there is a shortage of places for investors to put their money.

"There's too much money and too few places to put it," said author David Gerard. The rich are buying lottery tickets.

At a time when more and more businesses, sports clubs and celebrities are producing or purchasing NFTs, the valuation for OpenSea comes at a time.

The rapper spent a lot of money on an image of a pess resembling him.

A collection of thousands of digital illustrations of apes are in the Bored Ape Yacht Club.

The total value of trades has just passed $1 billion, and Bored Apes are among the most popular NFTs.

The rapper's appreciation of the digital artworks isn't shared by everyone. The Guardian's art critic called them a "very ordinary and derivative bit of comic book design".

BAYC says each ape image is unique and programmatically generated from over 170 possible traits.

According to the Financial Times, the market for digital art and collectibles is approaching that of the global art trade.

According to calculations by Chainalysis, the total value of trade for NFTs was estimated to be over 40 billion dollars last year.

The figure is probably underestimated because only NFTs using the Ethereum blockchain were considered.

The global art market was worth $50.1 billion last year.

OpenSea said it would look to bring NFTs to a broad consumer audience this year and reduce their "barriers to entry".

Regulators and critics worry that consumers may not be aware of the risks involved in largely unregulated investments.

Data shows that expert investors make most of the money, according to research by Chainalysis.

Other analysts worry that NFT marketplaces are prone to wash-trading where investors sell and then buy back their NFTs in order to boost demand.

Critics are concerned about the environmental impact of the technology behind NFTs.

The record of who owns what NFT is stored on a shared ledger known as the blockchain, a process maintained by thousands of computers worldwide.

The demand for electricity and pollution is caused by the computers being running.

Personal investment.
Art.
NFTs.