TL; DR fault
- OpenSea’s best NFT market earns $ 300 million in the C-Series financing round.
- A few months ago, OpenSea was valued at just $ 1.5 billion.
- The NFT market reveals what it would use $ 300 million for.
The largest market for non-replaceable tokens, OpenSea has further solidified its place as a unicorn after announcing received $ 300 million in the C-Series funding round led by Coatue and Paradigm.
Funding has led to an increase in the value of OpenSeas to $ 13.3 billion. With recent funding, the NFT market has said it will use the money for four things, namely: accelerate product development, improve customer support, invest in the wider NFT and Web3 community, and increase its team.
How OpenSea reached a value of $ 13 billion
A few months ago, OpenSea was valued at $ 1.5 billion, leading to a leading U.S. venture capital firm – Andreessen Horowitz, which led a $ 100 million funding round, adding its current value. Hedge fund sponsors such as Paradigm and Coatue led the current investment. OpenSea described them as “amazing partners, thinkers and builders” who have the ability to deliver “best-in-class consumer experiences”.
In a recent blog post, Devin Finzer, co-founder of OpenSea, said his company’s mission is to become the world’s friendliest and most reliable NFT market with the best choice.
To complete that vision, the entity has raised $ 300 million in Series C funding to be invested in achieving the goal.
First, the company intends to accelerate product development. As such, he has already hired Shiva Rajaraman as the company’s new vice president of products. The executive previously worked on Meta, YouTube and Spotify.
Second, the NFT market has promised to improve its customer support policy. “We have already increased our customer support and trust and security teams to more than 60 people and we expect to more than double that team by the end of this year,” Finzer reported.
Third, the company wants to invest in the wider NFT ecosystem. He added that in the first quarter of 2022, he plans to launch a grant program that would provide direct support to developers, builders and creators, shaping the future of space for non-replaceable tokens.
The NFT market has announced that it will also welcome motivated individuals who want to become part of the growing NFT universe.