OpenSea raises $300 million in funding for its encrypted digital trading market

After the new round of capital injection, OpenSea's market value has exceeded 13.3 billion U.S. dollars.

As the next frontier of collectibles, games and meta-universe, OpenSea, the non-homogeneous token (NFT) market, is constantly accumulating development momentum.

To accelerate this vision, OpenSea announced on Tuesday that it has received $300 million in Series C financing led by Coatue and Paradigm.

OpenSea is a digital market based on the Wyvern protocol, which consists of customized Ethereum smart contracts dedicated to the purchase and sale of unique digital assets. The market was established in 2018.

With recent investments, the value of OpenSea has now exceeded $13.3 billion. In addition to Paradigm and Coatue, OpenSea pointed out that there are some new and existing investors participating in this round of investment.

OpenSea said it will use the money to further develop its products, strengthen customer service and security, invest in the wider NFT and Web3 communities, and hire more employees.

In 2021, NFT played an important role in the mainstream success of cryptocurrency and blockchain. According to company data, the industry recorded more than $14 billion in sales during the year, of which digital art collections and digital collections accounted for 91% of the transactions. According to Cointelegraph, since 2022, OpenSea has generated transactions worth more than $700 million.