OpenSea Rakes in $300M Worth of Investments from Coatue and Paradigm

OpenSea Rakes in $300M Worth of Investments from Coatue and Paradigm

After its recent success with being THE platform to sell highly-valued NFTs, the digital marketplace OpenSea received a huge investment bag from two major financing firms.

Funding led by Coatue and Paradigm bumped up OpenSea’s value to over $13B, which, currently, is the largest investment into a crypto exchange this year. 

The Wyvern Protocol-based digital marketplace OpenSea stated that the recent investment will be directed towards developing the platform, bringing in more NFT artists, and, obviously, enhancing the workflow of the marketplace.

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OpenSea has been operating since 2018, and its recent success can be linked to the growing popularity of the Yacht Club collection NFTs that brought over $700M worth of transactions over the first days of 2022.

Likewise, the attention to the platform brought by celebrities like Eminem, who recently purchased an NFT from the Bored Ape Yacht Collection that resembles his image, had surged its popularity across social media.

At the point of writing this article, according to data from Dappradar, OpenSea is ranked as the number one NFT marketplace, and is miles ahead of other exchanges with a trading volume of $173.78M over the past 24 hours.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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