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

Ethereum-based NFT market OpenSea has lately secured a staggering $300 million in Collection C funding at a staggering $13.3 billion valuations. The most recent announcement got here on Tuesday, January 4, as OpenSea mentioned that this funding will assist them in enhancing buyer and neighborhood experiences.

The latest 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 assist and security
  3. Investing in wider NFT and Internet 3 communities
  4. Rising the workforce

Shiva Rajaraman, who lately joined OpenSea from Meta will probably 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 reducing the obstacles 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 assist 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 concentrate on a number of the safety points on the platform. In one of many latest occasions, the hackers managed to steal 15 of the favored Bored Ape NFTs from the OpenSea platform.

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

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However regardless of all these anomalies, OpenSea nonetheless stays one of many favourite marketplaces for buying and selling NFTs. Final weekend on January 2, OpenSea clocked the 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 sort of forward of its opponents at this level and this new funding will assist the platform achieve an extra edge.

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