Home News OpenSea is the latest crypto unicorn after $100M funding round

OpenSea is the latest crypto unicorn after $100M funding round

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Popular platform for issuing and trading NFT OpenSea announced the completion of another round of funding, in which it raised $ 100 million.

The venture capital firm Andreessen Horowitz (a16z) has become the investment leader, according to a company blog post. The deal assumes that general partner of a16z Kathryn Haun will join the board of directors of OpenSea. Also participating in the funding round were the Creative Artist Agency talent agency, actor Ashton Kutcher, businessman Michael Ovitz and American basketball player Kevin Durant.

The funding did not reveal a specific purpose. However, OpenSea states that the platform’s mission is to provide the best market for NFT creation. Also help create systems and standards that can transform all forms of digital art into a truly proprietary and freely exchangeable form.

“With the increasing popularity of cryptoeconomics, collectible tokens are fast becoming the ‘new Internet’. And we continue to grow, but our focus will continue to be on our customers and providing them with the best and most convenient entry point into the NFT ecosystem”,  said OpenSea CEO and Co-Founder Devin Finzer.

The marketplace will use the collected funds to scale the platform, introduce inter-network compatibility, enter new markets, expand the team of specialists and improve the user experience.

Fresh capital comes just months after the project received $ 23 million in Series A funding. From several angel investors, including Mark Cuban and Ron Conway. Thus, thanks to new funding, OpenSea’s market capitalization is now $ 1.5 billion.

One of the most important crypto companies

In a statement, Kathryn Haun, General Partner of Andreessen Horowitz, said: “The OpenSea team recognized early on the need for an open cross-blockchain market where anyone can buy, sell and create digital NFTs. Which is why they are one of the most important companies in crypto today.

We are thrilled to double this team, their technology and shared vision. As they continue to provide the best user experience for today’s creators, buyers and sellers on the same platform”.

OpenSea is the first NFT marketplace to support multiple blockchains

In a conversation with VentureBeat, the head of the company, Devin Finzer, said that OpenSea was the first NFT marketplace to support multiple blockchains. The platform already integrated with Polygon and Klaytn. And in the future it will be able to interact with the Flow and Tezos networks.

OpenSea Product Manager Nate Chastain noted that integration with Polygon allows you to purchase assets issued on this blockchain using a debit or credit card. He added that the feature has been launched in a limited mode.

Integration with Polygon allowed the company to reduce potential user transaction costs. Previously associated with paying for gas on the Ethereum network. According to the OpenSea website, commissions will no longer be charged for certain transactions. Such as issuing and placing NFTs at auction.

In the first half of 2021, the total sales of NFT reached $ 2.5 billion. In June, the OpenSea figure rose to a record value of about $ 160 million. For comparison: according to Dune Analytics, in January the marketplace’s sales did not exceed $ 9 million.

In an interview with TechCrunch, Finzer noted that in July indicator had already exceeded the value of the previous month.

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