OpenSea Raises $ 100 Million Series B from a16z to Industry’s First and Largest NFT Marketplace
NEW YORK, July 20, 2021 / PRNewswire / – OpenSea, the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs), today announced it has raised $ 100 million in Series B financing led by Andreessen Horowitz (a16z), valuing the company at $ 1.5 billion. The company is also launching official support for several blockchains, becoming the first cross-blockchain NFT marketplace.
A16z is leading OpenSea’s latest funding round, with the participation of Coatue and CAA, as well as Michel ovitz, Kevin hartz, Kevin Durant and Ashton kutcher. With this capital, OpenSea will continue to evolve its NFT platform, immediately focusing on recruiting engineering talent and expanding internationally to new markets and audiences, making buying and selling of NFT more accessible. to users.
“The OpenSea team realized early on the need for an open, cross-blockchain marketplace where anyone can buy, sell and create digital NFTs, which is why they are one of the most important crypto companies today, “said Catherine haun, General Partner at Andreessen Horowitz and new member of the OpenSea board of directors. âWe are thrilled to be doubling down on this team, their technology and their global vision, as they continue to deliver the best user experience for today’s creators, buyers and sellers, on one platform. “
The new funding injection comes as OpenSea NFTs expand to a wider audience and represent a whole new economy based on digital ownership. OpenSea is the largest marketplace for NFTs, representing gaming items, digital art and collectibles, event tickets, domain names and over 25 million other assets backed by blockchains .
In June 2021 only, OpenSea has sold $ 160 million in digital assets in its NFT marketplace, and experienced a 45x increase in volume growth in the first half of 2021. High volume collectible avatar projects such as Hashmasks, Bored Ape Yacht Club and Meebits, which combine elements of art, blockchain technology and social clubs, also took off on OpenSea in 2021.
OpenSea provides both a marketplace and a platform where users can easily connect their crypto wallets to instantly buy or list their NFTs. Today, the company announced its support for the Polygon blockchain, eliminating gas fees for creators, buyers, and sellers in the OpenSea Marketplace. The company also plans to invest in its next phase of ecosystem growth with cross-blockchain support, enabling a truly open data economy. OpenSea’s marketplace currently supports Ethereum, Polygon, and Klaytn, and plans to add new channels like Flow and Tezos in the coming months. Investing in the interoperability and scalability of the OpenSea cross-chain marketplace is part of the company’s larger vision to bring users closer to Web3.
âWith the growing market adoption around crypto economies, NFTs are quickly becoming the new internet,â said Devin Finzer, co-founder and CEO of OpenSea. âIt is quite remarkable to experience one of the biggest fundamental changes the Internet economy has seen in decades. We are proud to be at the helm of this growing industry that we have long been a part of. as we continue to evolve, our focus will remain on our customers, and provide the best user experience and the best entry point into NFTs. “
OpenSea launched in 2017, announcing a $ 2 million a few months later from Founders Fund alongside industry-leading crypto companies. In March 2021, the company announced a $ 23 million Series A funding round led by a16z, with participation from existing investors and angel investors including Ron Conway, Marc Cuban, Belinda johnson, Naval Ravikant, Ben silbermann, and more.
Founded in 2017, OpenSea is the world’s first and largest peer-to-peer marketplace for crypto collectibles and non-fungible tokens (NFTs). OpenSea supports multiple blockchains, with the broadest set of categories for new emerging asset classes, which include digital collectibles, game items, and other virtual goods. For more information, visit, https://opensea.io.