A New York-based NFT marketplace, OpenSea, secured a sum of US $23M in a Series A funding round made public on the 18th of March, 2021. Led by the prestigious Andreessen Horowitz, the investment also enjoyed contributions from a pool of angel investors and firms including Mark Cuban, Naval Ravikant, Alexis Ohanian, Dylan Field, and Linda Xie to mention a few.
OpenSea has been one of a few NFT marketplaces to rise in popularity in recent weeks as collectors wade into the dealing of nonfungible tokens on the blockchain. While new startups have been popping up every day, companies that launched in crypto’s more initial times are experiencing widespread attention from investors who see this surge of excitement for cryptocurrencies and tokens more much distinct than the ones that preceded it.
Trends in the industry
Upon its official launch, OpenSea announced a US $2 million round a few months later from Founders Fund and some crypto-centric organizations. At the time, CryptoKitties mania was most of what Ethereum had to give, and fresh NFT projects were being slowly adopted by a community that was passionate but more curious than anything.
In recent times, however, NFTs are assuredly starting to gain traction and although it may be fully-focused on high-dollar artwork sales from traditional auction organizations or NFT memes tweeted by Elon Musk, enthusiasts see a future for the tokens that upend the business of the internet influence and content creation. The enthusiasm follows a months-long demonstration in the worth of cryptocurrencies themselves that have taken Ethereum and Bitcoin to multiples of former all-time highs.
In February, OpenSea declared backing for more efficient Tezos-based NFTs. A more hazy difficulty for marketplaces like OpenSea may be cutting through the clamor of speculation and presenting a marketplace for more users purchasing to own. This is an especially complicated suggestion given the breakneck speed of growth for the digital currencies being used to buy the digital goods themselves.
The market for digital goods expanding globally may depend profoundly on additional adoption between gaming giants and more extensive media companies. There’s hope that digital-first inventors can use these marketplaces to interact more directly with fans and start to circumvent the massive platforms they depend on now.
Company Profile
OpenSea is the initial (and most extensive) peer-to-peer marketplace for crypto products (like eBay for crypto assets), including collectibles, gaming items, and other virtual assets supported by a blockchain. On OpenSea, anyone can purchase or exchange these items through a clever contract. Founded by Alex Atallah and Devin Finzer on December 20, 2017, OpenSea is headquartered in New York, United States, and has raised a sum of US $27.2M in 4 rounds. Over the last month, as the quantity of games in the space proceeds to rise, OpenSea has witnessed around half a million dollars in volume.
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