NFT Marketplace OpenSea Now Worth $13 Billion

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OpenSea, an online marketplace that facilitates NFTs trading, is valued at $13.3 billion, after an investment of $300 million in the platform.

Speaking on the new funding, OpenSea said it would “look to bring NFTs to a broad consumer audience this year,” and reduce their “barriers to entry.”

OpenSea’s valuation comes at a time when companies, sports clubs and celebrities are getting into the idea of producing or buying NFTs.

Commenting on the progress made on NFTs in 2021, Devin Finzer, the company’s co-founder in 2017, wrote: “In 2021, we saw the world awaken to the idea that NFTs represent the basic building blocks for brand new peer-to-peer economies.”

The market for NFTs is growing, and the total value of trade in NFTs will be $40.9 billion in 2021.

For some critics, the increased valuation of some crypto businesses stems from a lack of places for investors to invest their money.

“There’s far too much money sloshing around and far too few places to put it. Even the rich are buying lottery tickets,” noted author David Gerard.

For more information, read the original story on the BBC.

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