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OpenSea Raises $100 Million at 1.5 Billion Valuation For NFT Platform

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OpenSea, the startup informs that it has raised $100 million in a Series B round led by Andreessen Horowitz at a valuation of $1.5 billion.

The business had said in March that a $23 million Series A investment had been completed. Michael Ovitz, Kevin Hart, Kevin Durant, and Ashton Kutcher are among the other investors in the round, in addition to Coatue, CAA, and NEA’s Connect Ventures.

The New York-based OpenSea claimed to have grown into the biggest online marketplace for NFTs and crypto-collectibles. It offers NFTs, which are digital goods with a single unique identifier that are authenticated by blockchain 

Andreessen Horowitz, commonly known as A16z, was in charge of the second institutional fundraising round. Angel investors Michael Ovitz, the co-founder of CAA, and actor-investor Ashton Kutcher also took part.

Due to the fundraising, OpenSea qualifies as a unicorn startup or a startup with a $1 billion valuation. The market value of all 900 unicorns combined is $3 trillion.

With this funding, OpenSea will continue to scale its NFT platform, putting an initial emphasis on adding engineering talent, going global to reach new markets and audiences, and generally creating more ways for users to access, purchase, and sell digital assets without difficulty.

About OpenSea 

A revolutionary decentralized marketplace for purchasing and selling NFTs is called OpenSea. NFTs, or Non-Fungible Tokens, are distinctive, collectible digital items like in-game items, avatars, trading cards, and artwork. 

CEO Devin Finzer claims that the internet economy is undergoing one of the most fundamental transformations it has seen in decades and is happy to have been at the forefront of it for some time as what he considers to be the best user experience and entry point for NFTs.

The goal of the fundraiser, according to Finzer, is to increase the adoption of NFTs. “And it’s about expanding the platform that they’ve created, which has shown notable volume growth over the past six months. NFTs, in their opinion, represent one of those paradigm breakthroughs that only occurs every few decades and is tremendously exciting.

The new financing infusion coincides with OpenSea NFTs’ expansion to more general audiences and their representation of a completely new economy based on digital ownership. OpenSea is now the largest market for NFTs, with millions of other commodities backed by blockchains, including gaming items, digital art and collectibles, event tickets, domain domains, and millions more.

Growth Of Gas-Free Polygon

Prior to now, OpenSea has been limited to Ethereum, the well-known cryptocurrency platform that has come under fire for squandering energy and utilizing a lot of computer power. The Polygon platform, which permits transactions without paying exorbitant transaction costs tied to computer consumption, is now being included as transactions.

Today, the business declared that for all OpenSea marketplace developers, buyers, and sellers, all Ethereum gas fees (those related to the expenses of processing NFTs on the blockchain) have been eliminated. To make blockchain less arcane and more appealing to the general public, OpenSea needs to take these kinds of initiatives.

Finzer calls it the first cross-blockchain NFT market. “They announced support for their Layer 2 Ethereum platform, Polygon, integration. This makes it possible for merchants, purchasers, and producers to all transact at no cost. Future blockchain integrations will be released by us as well.

Conclusion

By developing the core marketplace onboarding and firmly establishing OpenSea as the brand directly associated with NFTs, similar to how Coinbase did with cryptocurrency, Finzer stated, “they’re making the product more accessible to a mainstream user.”

The company’s long-term goals include lowering platform-to-platform transaction costs (as it has done with the addition of Polygon), letting users use any payment method they like, and eventually educating the industry about NFTs. With OpenSea, users can choose whatever cryptocurrency wallet they like.

Faq’s 

How many funds have been raised in the fundraising round?

Opensea raised $100M in the Series B fundraising round.

For which series have the funds been raised?

Series B

How much is the valuation of OpenSea after the funding round?

$1.5 Billion

How many funds have been raised for Series A?

$23 Million

Who led the funding round?

Andreessen Horowitz, also known as A16z.

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