NFT Platform, OpenSea Gets $100 Million in Series B Financing
Leading NFT platform, OpenSea, in a recent series B financing, was able to pool $100 million, giving it a current valuation of $1.5 billion. The financing was led by Andreessen Horowitz, one of America’s foremost venture capital firms. Major industry stakeholders like Coatue and CAA, also partook in the financing round.
While announcing the development in an official statement, OpenSea revealed that the funds will go a long way to help broaden its coverage into uncharted markets while opening the floodgates for more users to come in. OpenSea also declared that a portion of the funds will be used to recruit new engineering talents which would help scale the platform. By extension, the NFT platform would cement its status as a leading platform for digital collectibles and virtual products.
Individual Investors Join OpenSea Series B Financing
Interestingly, OpenSea had support from individual investors during the financing. They include co-founder of Creative Artists Agency, Michael Ovitz; Co-founder of Eventbrite, Kevin Hartz, Popular American Basketballer, Kevin Durant and American actor, Ashton Kutcher. OpenSea plans to extend the platform to other blockchains. The platform is currently available on the Ethereum, Klaytn, Polygon networks with future projections for expansion to Flow and Tezos blockchains.
General Partner at Andreessen, Kathryn Haun, made comments on the financing led by her firm. According to her, the team at OpenSea discovered earlier the relevance of an open and multi-chain platform where users can be exposed to all manner of digital collectibles including gaming items, which has placed it in a leading position among platforms in the NFT space. Haun expressed her firm’s delight in ‘doubling down’ on OpenSea’s technology and vision as they aim to provide a memorable experience for users on the platform.
OpenSea Platform Records $160 Million Trading Volume in June
In a series A financing earlier this year, OpenSea had support from both individual and institutional investors to pool $23 million at the financing. OpenSea continues to set new records even as the NFTs momentum refuses to fizzle away. Within June, the platform witnessed traded NFTs totalling $160 million, which is a 45-fold spike to its trading volume within the first six months.
Meanwhile, CEO of the platform, Devin Finzer in reference to the tremendous success of the series B financing, asserted that NFTs were fast becoming the new internet. He admitted that OpenSea has become a leading platform, but assured that the firm’s focus will remain on providing users with the best experience and easy access to NFTs as they continue to gain attention.
Other NFTs platforms that have recorded similar growth in the space include Rarible, DecentraLand, Axie Infinity, Upland, NBATopshot, Sorare. NFTs now appeal to celebrities in mainstream sectors including music and sports. The past few weeks have seen a number of collaborations between celebrities and NFT platforms. Earlier in July, Jay-Z partnered with popular auction house Sotheby’s to sell an NFT of his debut album. Beeple’s record-shattering $69 million sale definitely opened the eyes of many to the goldmine in the space.
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