OpenSea Secures $300 Million At $13 Billion Valuations Despite Security Issues

Bhushan Akolkar
January 5, 2022
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OpenSea IPO might happen soon

Ethereum-based NFT marketplace OpenSea has recently secured a staggering $300 million in Series C funding at a staggering $13.3 billion valuations. The latest announcement came on Tuesday, January 4, as OpenSea said that this investment will help them in improving customer and community experiences.

The recent funding round was led by Paradigm and Coatue along with participation from some existing investors. OpenSea is planning to use this investment across four key areas.

  1. Accelerating Product Development
  2. Significantly improving customer support and safety
  3. Investing in wider NFT and Web 3 communities
  4. Growing the team

Shiva Rajaraman, who recently joined OpenSea from Meta will be leading some of these major initiatives at the platform. Speaking of this development, David Fenzer, CEO and co-founder of OpenSea stated:

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 Facing Security Issues

Being the world’s largest NFT marketplace, OpenSea really needs to focus on some of the security issues on the platform. In one of the recent events, the hackers managed to steal 15 of the popular Bored Ape NFTs from the OpenSea platform.

All these NFTs combined were worth a staggering $2.2 million. Although the OpenSea marketplace immediately suspended the buying and selling of these NFTs, it still shows the vulnerability of the platform to external attacks.

But despite all these anomalies, OpenSea still remains one of the favorite marketplaces for trading NFTs. Last weekend on January 2, OpenSea clocked the highest ever single-day trading volumes of $240 million. In the last month of December 2021, the world’s largest NFT marketplace also registered the highest-ever trading volume at $3 billion. OpenSea is quite ahead of its competitors at this point and this new funding will help the platform gain a further edge.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.