Ethereum-based NFT marketplace OpenSea has lately secured a mind-boggling $300 million in Series C funding. They have secured an amazing $13.3 billion valuation. The latest announcement came on Tuesday, January 4, that this investment will help them improve the community and customer experience.
Further, the recent funding round was led by Coatue and Paradigm, along with some key investors. OpenSea is planning to use this investment across four major areas.
- Speeding up Product Development
- Investing in broader NFT and Web 3 communities
- Significantly improving customer support and safety.
- Growing the team
Furthermore, Shiva Rajaraman, who recently joined OpenSea from Meta, will be leading some of the significant initiatives at this platform. David Fenzer, CEO and co-founder of OpenSea, also stated:
“We’re concentrating on decreasing the barriers to entry for NFTs by introducing features and simplified flows that abstract away the complexity of the blockchain. Further, we are also speeding up our multi-chain support and prioritizing improvements. This will help people discover, manage, and showcase their NFTs with better tools, analytics, and presentation”.
OpenSea Security Issues
Being the world’s largest NFT marketplace, OpenSea really needs to focus on some of the security issues. For instance, in one of the recent events, the hackers managed to steal 15 of the popular Bored Ape NFTs from the OpenSea platform.
Furthermore, all the combined NFT were worth 2.2 million. However, the OpenSea marketplace instantly suspended the buying and selling of these NFTs, and it still shows the platform’s vulnerability to external attacks.
However, despite all these aberrations, 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 recorded 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.
