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Monday, August 15, 2022
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    HomeNFTOpenSea Secures $300 Million At $13 Billion Valuations Despite Security Issues

    OpenSea Secures $300 Million At $13 Billion Valuations Despite Security Issues

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    Ethereum-based NFT market OpenSea has not too long ago secured a staggering $300 million in Sequence C funding at a staggering $13.3 billion valuations. The newest announcement got here on Tuesday, January 4, as OpenSea mentioned that this funding will assist them in enhancing buyer and group experiences.

    The current funding spherical was led by Paradigm and Coatue together with participation from some present buyers. OpenSea is planning to make use of this funding throughout 4 key areas.

    1. Accelerating Product Improvement
    2. Considerably enhancing buyer help and security
    3. Investing in wider NFT and Net 3 communities
    4. Rising the workforce

    Shiva Rajaraman, who not too long ago joined OpenSea from Meta will likely be main a few of these main initiatives on the platform. Talking of this growth, David Fenzer, CEO and co-founder of OpenSea stated:

    We’re centered on decreasing the boundaries to entry for NFTs by introducing options and simplified flows that summary away the complexity of the blockchain. We’re additionally accelerating our multi-chain help and prioritizing enhancements to assist individuals uncover, handle, and showcase their NFTs with higher instruments, analytics, and presentation.

    OpenSea Going through Safety Points

    Being the world’s largest NFT market, OpenSea actually must deal with a number of the safety points on the platform. In one of many current occasions, the hackers managed to steal 15 of the favored Bored Ape NFTs from the OpenSea platform.

    All these NFTs mixed have been value a staggering $2.2 million. Though the OpenSea market instantly suspended the shopping for and promoting of those NFTs, it nonetheless exhibits the vulnerability of the platform to exterior assaults.

    However regardless of all these anomalies, OpenSea nonetheless stays one of many favorite marketplaces for buying and selling NFTs. Final weekend on January 2, OpenSea clocked the very best ever single-day buying and selling volumes of $240 million. Within the final month of December 2021, the world’s largest NFT market additionally registered the highest-ever buying and selling quantity at $3 billion. OpenSea is kind of forward of its rivals at this level and this new funding will assist the platform acquire an additional edge.

    Disclaimer

    The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.

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