NFT Big Cheese OpenSea Perched $13 Billion Valuation in Fundraiser

• The most prominent NFT marketplace, OpenSea, has completed a $300 Million Series C fundraiser, marking the company’s valuation at $13 Billion.
• As per a blog post, the CEO of OpenSea pointed out that the trade volume of OpenSea has escalated by more than 60000% during the previous year.
• The raised funds will be utilized for ramping up the development of the product and to hire more people.

The $13 Billion Mark

A series C fundraiser was closed by the NFT behemoth OpenSea, where the organization landed a whopping $13.3 Billion in valuation. The round was disclosed by the crypto startup following the surfacing reports regarding its attempts for multi-billion dollars funding. As per some sources of a news agency that the organization that raised $1.5 Billion in valuation the previous year was strategizing to pile up the valuation of $15 Billion, but the investors got settled on a more petite figure comparatively. The $13 billion figure was disclosed in a report, where it was also revealed that the round was led by hedge fund Coatue Management in the $13 billion valuations.

According to a news agency, crypto fund Paradigm was among the participants. Paradigm piled up a massive $2.5 Billion fund the previous year.

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Following the surfacing reports, Devin Finzer, OpenSea CEO and co-founder posted a blog, where it was confirmed that $300 Million had been raised successfully by OpenSea. As per Devin Finzer, the funds will be utilized for elevating the client support and security; for making investments in the broader NFT and web3 community, and for making recruitments and developing of the product.

As per Devin Finzer, the organization is committed to the expansion of the complete ecosystem of Non Fungible Tokens. A grant program will be launched by them in this quarter in order to raise opportunities to assist the creators, builders, and devs, essential for giving shape to the future of NFT. He also added that they aim for fostering the growth and scaling of the wider NFT ecosystem, which also includes elevating the profiles of the creators that are surfacing every day and investing in the individuals shaping the NFT space for a better future.

Fresh Entrants

As an element of the fundraising announcement, it was revealed by the company CEO that Shiva Rajamaran, the former executive of Facebook as the Vice President of Product. Nate Chastain left the organization after a revelation that the individual was utilizing the inside information for the purchase of NFT before their appearance in the market, and generated personal gains.

Rajamaran will be assisting the organization in supporting Non Fungible Tokens from other blockchains and linking up the users with the tools that can assist them in finding virtual art as well as in the management of their collections.

Brian Roberts, former CFO of Lyft, was also hired by the organization the previous month when some criticisms were courted by the individual from cryptocurrency fans, when a hint was given by him regarding a traditional IPO.

NFTs have, without a doubt, have lured massive attention from users and are getting mainstream day by day. We’ll see in the upcoming years where the NFTs end up.