OpenSea Company Intelligence

Founded in 2017, OpenSea is the largest peer-to-peer marketplace for user-owned digital items. The NFT market started to gain traction in August 2020 and peaked in the summer of 2021. During this time, OpenSea was competing with Nifty Gateway and Rarible until it became a clear market leader in the summer of 2021. OpenSea’s transaction volume in 2021 increased over 600x, and the company hit unicorn status in July 2021. Even after the NFT craze peaked in the summer, the company received continued interest and support from investors. As of its $300 million Series C funding round this January, OpenSea is valued at $13.3 billion. OpenSea completed three funding rounds in less than twelve months, raising $423 million in cumulative funding. The company is planning to deploy this capital to achieve its four strategic goals for this year: (1) accelerating product development to meet the needs of OpenSea’s growing community (2) expanding OpenSea’s trust, safety and reliability efforts (3) meaningfully investing in the NFT and web3 ecosystem and (4) significantly growing the OpenSea team. 

OpenSea is a decentralized peer-to-peer marketplace for NFTs, covering a wide range of digital assets from art, game items to music. Users can interact with the platform via web and mobile (mobile app launched last September). In terms of blockchain coverage, OpenSea currently supports Ethereum, Polygon, Klatyn and Solana.