OpenSea Raises $300 Million in Series C Funding

In 2021, the globe was awakened to the fact that NFTs are the main components of completely new peer-to-peer economic systems. They give consumers more ownership and control over digital products while also allowing designers to develop potent, interoperable apps that would provide actual financial benefit to customers. The vision of OpenSea is to be the prime target for such new open digital markets to flourish by creating the world’s largest and most credible NFT marketplace with the right choice.

To speed up this view, OpenSea has brought up 300 million dollars in Series C funding at post-money pricing of $13.3 billion. The round was led by Paradigm and Coatue, with involvement from existing and future investors.

OpenSea is ecstatic to collaborate with these amazing collaborators, intellectuals, and developers, who jointly carry a great deal of experience in NFTs, Web3, and the finest customer experiences.

OpenSea’s funding will be used to accomplish four goals: 

1) speed up product design, 

2) greatly enhance client assistance and protection, 

3) substantively put the money in the larger Web3 and NFT community, and 

4) expand their team.

As OpenSea works to bring NFTs to a wider consumer audience this year, they are delighted to welcome Shiva Rajaraman as their new Vice President of Product. Shiva comes to OpenSea from Facebook, where he was the Vice President of Commerce. He previously worked at YouTube, WeWork, and Spotify before joining Meta.

Shiva is enthusiastic about establishing a new web that benefits creative thinking and involvement while reducing gatekeepers, improving privacy, and ensuring long-term economic viability.

OpenSea’s goal is to decrease the entry barriers for NFTs by releasing features and streamlined flows that extract away the blockchain’s intricacies. They’re also expanding their multi-chain assistance and prioritizing enhancements to help individuals explore, handle, and demonstrate their NFTs through improved tools, predictive analysis, and appearance.

They are growing tremendously in the areas such as customer support, belief, and security, as well as site reliability and integrity. It includes both product & technical investments in order to allow systems that safeguard and encourage their consumers, as well as substantial investment opportunities in in-person customer service operations.

They’ve already grown their customer service and security teams to over 60 people, as well as they, expect to about double that number by the end of this year. They are also focused on expanding the NFT ecosystem as a whole. They are going to launch a grant program this quarter to actually support the designers, builders, and content producers trying to shape the fate of the NFT space. Their vision is to nurture the scale and expansion of the broader NFT ecosystem, including increasing the visibility of rising creators and making investments in the folks who influence the NFT space nowadays.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button