OpenSea operates a leading NFT auction marketplace for crypto collectibles and has seen explosive growth during 2021. The company closed a $300 million Series C that values it at $13.3 billion, reflecting rapid market traction. OpenSea reported more than $2.4 billion in transaction volume in the past 30 days and earned "hundreds of millions" in fees last year. CEO Devin Finzer said the platform's transaction volume increased over 600x last year. The firm faces growing competition as other marketplaces launch and Coinbase eyes the opportunity. Its continued success and valuation depend on sustaining volume growth and bringing new users into the NFT market. OpenSea operates a marketplace for crypto collectibles and non-fungible tokens (NFTs), allowing users to buy, sell and discover digital art, game items, domain names and other exclusive digital assets. Led by CEO Devin Finzer, the company said it will use the new funding to expand operations and extend its development efforts. OpenSea plans to support NFT sales from additional networks such as Flow and Tezos in addition to Ethereum. The company announced cross-blockchain support initiatives, beginning with a gas-free marketplace on the Polygon blockchain. Financially, OpenSea raised $100M in a funding round that valued the company at $1.5 billion. The company is based in New York City. OpenSea operates an online marketplace for NFTs, enabling creators and collectors to trade digital goods. The platform added support for more efficient Tezos-based NFTs in February to address energy concerns. OpenSea has benefited from a broader rally in cryptocurrencies and rising interest in digital art and collectibles. The company faces challenges around Ethereum’s energy-intensive proof-of-work model and the need to attract buyers who purchase to own rather than speculate. Growth may depend on wider adoption by gaming companies and larger media organizations, while early momentum is driven by digital-first creators connecting directly with fans. OpenSea launched in 2017 and has been an active participant in the early NFT ecosystem. OpenSea operates a marketplace for cryptogoods and crypto collectibles. It enables users to buy, sell and discover items across a broad set of categories, citing projects such as CryptoKitties, CryptoPunks and SuperRare among many others. The company aggregates listings from numerous crypto projects to provide a general marketplace for crypto collectibles. OpenSea was founded in January 2018 by Alex Atallah (CTO) and Devin Finzer (CEO) and is based in San Francisco. The company secured $2M in funding and plans to use the proceeds to expand its development efforts. Backers named in the round include venture firms and a number of angel investors from prominent tech founding teams.

Total raised

$425M

Funding rounds

4

Latest round

Series C

Latest activity

Jan 2022