NFT Marketplace OpenSea Valued at $13.3B in $300M Funding Round: Report

Paradigm and Coatue led a $300 million funding round that cements NFT marketplace OpenSea as one of the most valuable private firms in crypto.

The New York Times reported Tuesday night that investors valued OpenSea at $13.3 billion, up sharply from the startup’s $1.5 billion valuation in a $100 million Series B announced last July.

Tuesday’s big numbers show the rapidity with which OpenSea has ensconced itself as the leading venue for trading non-fungible tokens.

In the last 30 days alone, the marketplace for prized profile pics and other digital collectibles logged 1.6 million Ethereum transactions and a trading volume of $2.4 billion, according to data compiled by DappRadar.

OpenSea’s latest round is another sign of the boom times in crypto venture capital, with over $30 billion in investments pouring into crypto startups in 2021.

Bigger valuations have been had in recent months. For comparison, FTX’s funding round in October valued the crypto exchange at a whopping $25 billion.

However, OpenSea may be the king of the NFTs. Dapper Labs, the firm behind NBA Top Shot and the Flow blockchain, nabbed a $7.6 billion valuation in September in another round led by Coatue.

Requests for comment sent to OpenSea and Paradigm were not returned by press time.

Katie Haun, until recently a partner at Andreessen Horowitz (a16z), participated in the OpenSea round through her new firm, KRH, a spokesperson said via email. It confirms an earlier report Tuesday from tech reporter Eric Newcomer that the funding round with Haun’s involvement was in the works.

Haun led both OpenSea’s Series A and Series B in 2021 while she was with a16z and sits on the NFT company’s board of directors.

UPDATE (Jan. 5, 2:26 UTC): Adds confirmation of Katie Haun’s involvement.

Previous post A Massive $879.6M Bitcoin Mining Machine Buy Kicks Off the Year of US Bitcoin Mining
Next post Crypto.com Sees 2 Ads Banned by UK’s Advertising Regulator
Generated by Feedzy
%d bloggers like this: