OpenSea, the world’s largest non-fungible token (NFT) marketplace, boosted its valuation nearly ninefold in six months after raising USD 300 million to support four expansion targets.
Paradigm and Coatue, among other new and current investors, led a Series CE investment round that valued the company at USD 13.3 billion. In July 2021, the platform, which was launched in 2017, raised USD 100 million in a Series B financing headed by Andreessen Horowitz at a valuation of USD 1.5 billion.
OpenSea’s latest investment round has four objectives, according to the company:
1- Increase product development speed 2- Improve customer service and safety
3- Invest in the NFT and Web 3.0 communities as a whole.
4- Strengthen the team.
According to Devin Finzer, co-founder and CEO of OpenSea, the marketplace wants to lower the barriers to entry for NFTs with new features and accelerate multi-chain support, while their support teams are expected to more than double, topping 120 by the end of this year.
He also mentioned that the business is establishing an unnamed award programme this quarter to promote NFT “developers, builders, and makers.”
Shiva Rajaraman was also named as the platform’s new Vice President (VP) of Product. Shiva came to OpenSea from Meta, where he served as the Vice President of Commerce.
Meanwhile, Axios reported on Tuesday that OpenSea is in talks to buy Dharma Labs, a cryptoassets digital wallet. According to the article, which cited “several sources,” sale terms are still being thrashed out, with current talk of an all-stock deal valued between USD 110m and USD 130m.
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