OpenSea emerged at the right time," Shah, who is not an investor in the company, wrote. Shah says OpenSea's growth can be explained by a perfect storm of the right people, product, and environment. Paradigm, a crypto-focused venture firm, and Coatue co-led the round. On Tuesday, OpenSea said it raised $300 million in Series C funding, bringing its valuation to an eye-watering $13.3 billion. Its transaction volume in 2021 spiked to $14 billion, up from a mere $21 million in the previous year, according to data from Token Terminal. The first marketplace of its kind built on the Ethereum blockchain, the site rode a wave of interest in blockchain technologies this past year. The company is an online marketplace for buying and selling non-fungible tokens, or NFTs, which are essentially digital collectibles like avatars and virtual real-estate. In his view, techies will likely remember 2021 as the year that OpenSea came on the scene. ![]() In 2021, Shah gave Hopin, a virtual events business, the nod for its "unreal momentum." He singled out Slack when it was a newly minted tech unicorn, and picked Coinbase in the year of bitcoin's bull run. Founded in 2017, the startup rode a wave of interest in blockchain technologies this past year.įor nearly a decade, venture capitalist Semil Shah has kept a tradition of selecting a breakout tech startup of the year and writing about it.OpenSea is an online marketplace for buying and selling non-fungible tokens, or NFTs. ![]()
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