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OpenSea NFT platform fetches $300m in Series C round

By Robert Davis

17:23, 5 January 2022

Concept cryptographic NFT on a hundred-dollar bill with Ben Franklin in glasses.
OpenSea NFT platform raises $300m in Series C funding round - Photo: Shutterstock

Non-fungible token (NFT) platform OpenSea raised $300m (£221.23m) investment in a Series C funding round as the platform seeks to become a core destination for the technology.

The round was led by Paradigm, a web3 company that supported ventures such as Chainalysis and Coinbase, and Coatue, a New York-based technology investment firm,

Devin Finzer, the chief executive of OpenSea, said in a blog post that the investment will help the platform “accelerate its vision” and actively expand its efforts across “customer support, trust and safety, and site stability and integrity.”

Series C funding is a company’s third injection of investment capital from outside sources, according to Zacks Investment Research.

Capital.com reached out both Paradigm and Coatue about the investment and both entities declined to provide further details.

Product development

OpenSea said it plans to use some of the funds from the round to continue developing its product, including lowering the barriers to entry for NFTs.

Some of the planned changes include simplifying many features of its platform and accelerating multi-chain support protocols so that NFTs can be traded on multiple blockchains, the blog post said.

SOL/USD

168.83 Price
-6.650% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC/USD

64,702.25 Price
-1.780% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.61 Price
-4.350% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.12 Price
-6.140% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

To that end, OpenSea hired Meta’s former Vice President of Commerce, Shiva Rajaraman, to be its new president of product.

The blog post said Rajarman is joining OpenSea to focus on building a platform with “fewer gatekeepers, better privacy, and sustainable economics.”

Meaningful investment

Finzer said OpenSea will also be making “meaningful investments” in the platform’s developers, builders and creators.

The company plans to roll out a grant program that will help these entities scale and grow the NFT ecosystem, “including raising the profile of emerging creators and investing in the people who shape the NFT space for the better today.”

The company also plans to expand its team in 2022 as the number of transactions on OpenSea’s platform increased by more than 600-times last year, Finzer said.

“We couldn’t be more excited about the journey ahead,” Finzer added.  

Read more: AMC offers new NFT to shareholders

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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