Non-fungible tokens have exploded in popularity, as everyone from global consumer brands to artists have rushed to sell digital collectibles, which can reach hundreds of thousands of dollars worth of Ether, a well-known cryptocurrency.
No surprise if OpenSea, the leading marketplace for NFTs is cashing in. It has raised $300 million in new venture funding.
The new round of funding was led by venture capital firms Paradigm and Coatue, according to a blogpost published on Wednesday, and brings the blockchain start-up’s valuation to $13.3 billion, an impressive number for a company founded in 2017. Its valuation has gone from $1.5 billion after raising $100 million in July to $13.3 billion six months later.
The money will be used to develop the platform, and in particular to expand its audience, said co-founder of OpenSea and CEO Devin Finzer.
“We’re focused on lowering the barriers to entry for NFTs by introducing features and simplified flows that abstract away the complexity of the blockchain. We’re also accelerating our multi-chain support and prioritizing improvements to help people discover, manage, and showcase their NFTs with better tools, analytics, and presentation.”
OpenSea, a blockchain start-up which has become the favorite place of exchange for NFTs aficionados, is one of the myriad of crypto-focused companies sought by investors keen to cash in on the boom and success of the blockchain technology. In July 2020, the company was valued at $1.5 billion after raising $100 million.
The platform, which is the blockchain eBay, has played host for the most popular auctions of NFTs, blockchain-based deeds of ownership to different kinds of digital items.
OpenSea has few major competitors at the moment, but things may change as Coinbase (COIN) , the crypto exchange, doesn’t rule out the possibility of getting into NFTs.
In the last 30 days, the marketplace has seen a trading volume of $2.4 billion, according to data compiled by DappRadar.
Still, the ballooning $13.3 billion valuation will undoubtedly reinforce the mistrust vis-a-vis the crypto industry as critics have warned against, what they believe, is a bubble.
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