New funding raised by NFTs Marketplace OpenSea values at $13.3B

NFTs: Highlights

Here Are Some HIGHLIGHTS Of This Article:

  • NFTs sales boom leads to capital raising at OpenSea.
  • OpenSea recorded trades and transactions valued at millions of dollars.
  • It continues to be a good year for NFT sales.

The online platform for non-fungible tokens (NFTs), OpenSea, has secured a fresh funding round of $300 million (approximately Rs. 2,229 crores). Several companies, including Paradigm and Coatue, led a Series C funding round for the company. Consequently, OpenSea’s market cap currently stands at $13.3 billion (approximately Rs. 98,868 crores). The value of the company was 1.5 billion (approximately Rs. 11,150 crore) as of the end of July last year. The development comes as the NFT industry is booming in several parts of the world, attracting American celebrities and artists.

NFTs Marketplace: OpenSea Goals.

With the new funding, OpenSea has identified four goals for the next development phase.

“We have four goals for this funding: to significantly improve customer support and safety, invest in the wider NFT community, and grow our company,” the New York City-based company said in a statement.

In addition to artwork, music, and video games, NFTs are made up of a variety of digital collectibles.

NFTs are selling at a roaring pace with hefty prices, but many are baffle by their multi-fold growth, which has seen little depreciation whatsoever.

Among the most expensive NFTs is owned by rapper Snoop Dogg. Snoop Dogg paid $8.5 million (approximately Rs. 63 crores) for Fidenza digital artwork number 938 called “God Mode.”

Some Data Records From DappRaddar.

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Based on data from market tracker DappRadar, NFTs sales volume surged eightfold to $10.7 billion (approximately Rs. 79,820 crores) in the third quarter of 2021.

Another report released recently by DappRadar noted that OpenSea, one of the largest marketplaces for NFTs, recorded 1.6 million Ethereum transactions in the last 30 days and a trading volume of $2.4 billion (approximately Rs. 17,841 crores).

The market valuation of OpenSea was 1.5 billion last July (approximately Rs. 11,150 crores).

Many other global artists (including Eminem and Amitabh Bachchan) have marked their presence in the NFTs world.

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