--- title: NFT marketplace OpenSea is worth $13B+ - The Hustle description: The popular NFT marketplace facilitated $14B in transactions in 2021 and already passed $1B in 2022. image: https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/529774323-News-Brief_2022-01-07T004114.045Z.webp --- # NFT marketplace OpenSea is worth $13B+ ![Trung T. Phan](https://thehustle.co/wp-content/uploads/2020/04/Image-from-iOS-300x300.jpg?width=48&height=48&name=Image-from-iOS-300x300.jpg) [Trung T. Phan](https://hs-sbup.thehustle.co/author/trung-t-phan) [Trung T. Phan Twitter profile ](https://twitter.com/TrungTPhan) Published: January 07, 2022 Updated: October 11, 2023 *Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images* ![OpenSea logo](https://hs-sbup.thehustle.co/hs-fs/hubfs/The%20Hustle%20News/Assets/Images/529774323-News-Brief_2022-01-07T004114.045Z.webp?width=595&height=400&name=529774323-News-Brief_2022-01-07T004114.045Z.webp) Non-fungible tokens (NFTs) were perhaps the biggest breakout crypto asset in 2021. Based on a buzzy investment round earlier this week, the story looks to continue in 2022: OpenSea, an NFT marketplace, is now valued at [$13.3B](https://ca.finance.yahoo.com/news/nft-kingpin-opensea-lands-monster-024228291.html) after raising $300m. #### **OpenSea was founded in 2017** It is now the go-to platform to buy and sell NFTs — unique digital assets linked to the blockchain. The most prominent NFTs are digital art collections, like CryptoPunks and Bored Ape Yacht Club, which can start at 6 figures for a single image (owners often post them in their social profile pictures as a flex). Countless other NFT projects — including basically any random cartoon animal you can think of — are much *less *valuable… #### **… but OpenSea’s trading volume is huge** Per [*Crypto Briefing*](https://cryptobriefing.com/opensea-saw-a-646x-increase-in-trading-volume-in-2021/), the company facilitated **$14B** of transactions in 2021, a 646x increase from ~$22m in 2020. OpenSea charges a [2.5%](https://docs.opensea.io/docs/frequently-asked-questions) transaction fee, which keeps piling up; trading volume has already passed [$1B](https://dune.xyz/rchen8/opensea) in 2022. #### **Not everyone is happy, though** Last week, OpenSea froze [$2.2m](https://m.investing.com/news/cryptocurrency-news/opensea-freezes-22m-of-stolen-bored-apes-after-nft-theft-2728065?ampMode=1) worth of stolen NFTs. Adherents of crypto — who emphasize the value of decentralization — are wary of a central authority making a unilateral decision. As tech analyst [Ben Thompson](https://stratechery.com/2022/opensea-raises-money-bans-nfts-openseas-value-cryptos-aggregators/) points out, the stolen NFTs can still be transferred between individuals on the blockchain. However, there is more demand for NFTs *on* OpenSea than *off* of it, which means the platform almost certainly offers sellers the highest price and best liquidity. To Thompson, this is why OpenSea is valued at $13B+. Yes, the company is technically “centralized,” but that’s what most end users will want for their unique cartoon animals. 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