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NFT marketplace Opensea raises $300 million

NFT marketplace Opensea raises $300 million

January 06, 2022

Opensea, the market leader in NFT trading, raised $300 million in a Series C round.

Opensea is making money from the hype in NFTs. The total trade volume exceeded $13 billion last year and the bulk of these exchanges take place on Opensea's website. Investors were therefore queuing up to be able to invest in Opensea.

Opensea raised 300 million dollars and the company is now valued at 13.3 billion dollars. The round was led by Paradigm and Coatue. The fresh money will be used to accelerate product development, expand customer service and invest in new NFT or Web3 projects.

Trading volume has exploded

Opensea saw the trading volume increase 600 fold in 2021. Worldwide, the company serves about 1.4 million NFT traders, who have already traded a total of almost 15 billion dollars on the Opensea platform.

Opensea was founded in 2017 and has more than 90 employees. The Series A round took place in March of 2021 and raised $23 million. A Series B round of $100 million followed in July. At the time, the company was valued at $1.5 billion. Less than six months later, Opensea is already worth almost ten times as much.

Will the NFT hype last?

Opensea is, of course, highly dependent on the volumes of NFT trading. The question is whether this market can grow further this year or whether there will be a cooling off period. Well-known companies such as Adidas have only recently entered the NFT world and they seem to be bullish about the NFT future.


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