The popular non-fungible token (NFT) marketplace OpenSea closed a $300 million Series C round led by Paradigm and Coatue with participation from new and existing investors. The reports of the latest funding meanwhile first came in November.
This funding round raised the startup's valuation to a massive $13.3 billion, up from a $1.5 billion valuation back in July during its $100 million Series B funding round by VC giant Andreessen Horowitz (a16z).
The fresh funding will be used to accelerate product development, grow the team, and improve customer support and customer safety, the company said. OpenSea will also invest in the wider NFT and Web3 community, starting with launching a grant program this quarter to support developers, builders, and creators.
The startups also announced the new addition Shiva Rajaraman, the Ex-VP of Commerce at Meta (rebranded from Facebook), as its new VP of Product.
Founded in 2017 by Devin Finzer and Alex Atallah, OpenSea has been leading the NFT space in 2021, accounting for nearly 98% of all NFT transactions on Ethereum at one point.
The company had its record month in August 2021 when OpenSea reported $3.4 billion in trading volume, up from a mere $937k a year before that, according to Dune Analytics.
CEO Finzer noted in the blog post published late on Tuesday that the platform’s transaction volume increased more than 600x last year.
NFT volume took a hit in 4Q21, and for three consecutive months after August, it saw a continued decline. However, after posting $2.37 billion in November, volumes on OpenSea are seeing a spike, yet again, recording nearly $3.25 billion in December 2021.
Not even a week into January 2022 and already, OpenSea has recorded more than $1 billion in volume on Ethereum.
“OpenSea volume is showing recovery signs as volume starts to trend upwards,” said Delphi Digital, noting that daily volumes are also hitting $250 million, the highest since the peaks of September 2021.
Monthly active users meanwhile have always been experiencing growth, hitting 362,679 in Dec. 2021 after starting the year at just above 7K.