The largest NFT market in the world, OpenSea recently raised $ 100 million from industry investors in a recently concluded Series B funding round led by America’s leading venture capital firm, Andreessen Horowitz.
Making NFT trading accessible to more users
In an officer Press release Published Wednesday, OpenSea noted that it will use the funds to expand its reach into several new international markets to make NFT trading accessible to more users.
The project also added that some of the funding will be used to scale its platform, focusing primarily on hiring new engineering talent to further establish its presence in the NFT space.
The funding round, led by Andreessen Horowitz, has received support from many other investors including Coatue and CAA, along with Michael Ovitz, Kevin Hartz, Kevin Durant and Ashton Kutcher.
In a statement, Kathryn Haun, General Partner of Andreessen Horowitz, said: “The OpenSea team soon realized 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 cryptocurrencies today.
We are thrilled to double this team, their technology and the overall vision as they continue to provide the best user experience for today’s creators, buyers and sellers, all in one platform. “
A valuation of $ 1.5 billion
The new capital comes just months after the project received $ 23 million in a Series A funding round from several angel investors, including Mark Cuban and Ron Conway. With the new financing, OpenSea now has a market valuation of $ 1.5 billion.
The platform is also set to become the first cross-blockchain NFT marketplace as it intends to launch official support for more blockchains. OpenSea currently supports several chains including Ethereum, Polygon and Klaytn, with plans to add support for Flow and Tezos.
The NFT space has seen explosive growth in recent months and this funding comes at a time when OpenSea is driving mainstream adoption.
As the largest NFT market, OpenSea has seen a massive influx of investors to its platform. Last month alone, it sold over $ 160 million worth of non-fungible tokens and saw its trading volume for the first half of 2021 record a 45-fold increase.
OpenSea CEO: NFT is the new Internet
OpenSea Chief Executive Officer (CEO) Devin Finzer believes non-fungible tokens are about to “become the new Internet” as the adoption of crypto economies continues to grow.
“We are proud to lead this growing industry that we have been a part of for a long time. As we continue to scale, our focus will remain on our customers and provide the best user experience and entry point into NFTs, ”Finzer added.
Meanwhile, in another development, Enjin, the creator of the ERC-1155 token standard, became the first NFT platform a join the United Nations Global Compact in a move to use non-fungible tokens to promote sustainability and equality.
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