OpenSea, the largest NFT marketplace, has confirmed that it raised $300 million at a $13 billion valuation. Paradigm and Coatue co-led the round. In March 2021, it raised a $23 million Series A round led by Andreessen Horowitz, followed by $100 million in July. The startup has experienced gangbuster growth. The total NFT value traded on the marketplace in December 2021 was $3.25 billion compared to $3.5 million a year earlier.
While some question the value of NFTs, many believe they are here to stay, although there’s little doubt there’s currently a pricing bubble.
The startup has a massive lead over competitors. During the last 30 days, the number two NFT marketplace Magic Eden turned over $178 million, a bit more than 5% of OpenSea’s trades, according to DappRadar.
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