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

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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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.