Non-fungible token (NFT) market OpenSea reportedly managed to acquire $300M of capital injection via fundraising, bringing its overall market value to exceed $13.3 billion. 

Specifically, the non-fungible token (NFT) market is reportedly getting all preparation work done for gearing towards becoming the next frontier in collectibles, gaming, and the metaverse, with the freshly secured $300 million via Series C fundraising – led by Coatue and Paradigm – is a step in the process. 

OpenSea reportedly functions as a digital market based on the Wyvern Protocol, which is made up of custom-built Ethereum smart contracts, designed to particularly cater to the purchasing and selling of unique digital assets. The marketplace was founded in 2018.

With the most recent investment, the total value of OpenSea has reportedly exceeded the $13.3 billion benchmark.

Asides from Paradigm and Coatue, OpenSea further revealed that a variety of both new and current investors have taken part in the fundraising. 

OpenSea additionally disclosed its intention of channeling the newly secured cash injection towards supporting the continual development of its product, bringing enhancement to customer service and security, making investments in the wider NFT and Web3 communities, as well as onboarding extra talents for the firm. 

In 2021, NFTs were reportedly the key factor that contributed to the mainstream success of crypto and blockchain.

The sector reportedly clocked in more than $14 billion in terms of recorded sales throughout the past year, with digital art collections and digital collectibles taking up 91% of transactions, per insights generated by the firm. 

OpenSea has reportedly already made over $700 million worth of trade volume since the beginning of 2022.