OpenSea’s newest funding is a pretty strong signal that the NFT market will continue to boom in 2022 and that Ethereum, the network that powers it, will continue to be the dominant player powering it all.

OpenSea raised a fresh million $300M Series C financing round led by Paradigm and Coatue at a valuation of $13.3B which in and of itself is amazing given that in March 2020, OpenSea made only $30K in commission revenues from sales of NFTs, based on their 5% vig.  That translates to NFT sales that month of around $600K…wow, how times change.

It’s also about 8X the valuation that OpenSea got on their last round just six months ago which was led by Andreessen Horowitz—not a bad payday on paper for them.

According to a company blog post, CEO Devin Finzer said OpenSea’s transaction volume increased over 600x in 2021, and the firm booked around $2.4B in transactions in December 2021 alone.

In the first 3 days of the year, OpenSea booked $700M in sales due in large part to sales of Bored Apes as celebrity buyers like Eminem and Steph Curry snapped them up. 

2022 is definitely shaping up to be an interesting year to say the least for OpenSea and NFTs overall.

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