The San Francisco-headquartered company has raised $300 million USD (approximately £240 million GBP) from a group of leading venture capital funds, including Paradigm and Coatue. OpenSea’s last round was for $100 million USD in May 2018, which valued the company at $1.5 billion USD.
The new sky-high figure is a direct reflection of the rapidly growing global appeal of non-fungible tokens (NFTs).
NFTs are collectibles, represented by unique identifiers that can be bought and traded on OpenSea. They’re most associated with blockchain games, but they’re also starting to bridge the non-digital and online space.
One such NFT is CryptoPunks — a collection of 80 unique digital artworks that were released on the Ethereum network in 2017 by Uppsala-based design studio AxiomZen. OpenSea has offered them for sale since February 2018, recently selling one for $975 USD.
Other notable items on the marketplace include a ‘panda bear’ CryptoPunk for $2,725 USD and a set of 18 ‘Legendary Cryptids’ for real-world money at $1.8 million USD.
In total, OpenSea currently houses more than 110,000 NFTs from over 830 projects on its marketplace.
“We are seeing explosive growth in crypto collectibles, more than doubling on OpenSea during the last six months alone. At this moment there are 10M monthly active users trading NFTs on OpenSea,” said Roham Gharegozlou, co-founder and CEO of OpenSea.
“Our Series C investment allows us to continue developing the industry's best platform for crypto collectibles while also investing in new features that showcase the fantastic diversity of available digital assets on OpenSea.”
The latest funding round was led by Paradigm, with participation from Coatue, Founders Fund Science, ConsenSys, Coinbase Ventures and Arrington XRP Capital.“We are excited to support OpenSea in its mission to build the world’s premier platform for cryptocurrency collectibles trading. Over the past year we have seen a growing interest in the unique items that are being created on the blockchain,” said Vijay Michalik, research analyst at consultancy firm Frost & Sullivan.