NFT Marketplace OpenSea Raises $100M in a Funding Round Led by Andreessen Horowitz

1 month ago

OpenSea is now valued at $1.5 billion after receiving $100 million in a funding round led by Andreessen Horowitz. 

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The world’s largest NFT marketplace, OpenSea has recently raised $100 million from industry investors in a recently-concluded Series B funding round led by leading American venture capital firm, Andreessen Horowitz.

Making NFT Trading Accessible to More Users

In an official 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 part of the funding will be used to scale its platform, focusing primarily on hiring new engineering talent to further establish its presence within the NFT space.

The funding round, led by Andreessen Horowitz, received support from several other investors including Coatue and CAA, along with Michael Ovitz, Kevin Hartz, Kevin Durant, and Ashton Kutcher. 

In a statement, Kathryn Haun, General Partner at Andreessen Horowitz, said: “The team at OpenSea 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 companies in crypto today.

We are thrilled to double down on this team, their technology, and overall vision as they continue to provide the best user experience for today’s creators, buyers, and sellers, in one platform.”

A $1.5 Billion Valuation

The fresh capital comes just a few 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 funding, 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 multiple blockchains. OpenSea currently supports several chains including Ethereum, Polygon, and Klaytn, with plans to add support for Flow and Tezos.

The NFT space has been witnessing explosive growth in recent months and this funding comes at a time when OpenSea is driving mainstream adoption.

As the largest NFT marketplace, OpenSea recorded a massive influx of investors on its platform. Just last month alone, it sold over $160 million worth of non-fungible tokens and saw its trading volume for the first half of 2021 experience a 45x increase. 

OpenSea CEO: NFT is the New Internet

OpenSea Chief Executive Officer (CEO) Devin Finzer believes non-fungible tokens are on their way to “becoming the new internet” as the adoption of crypto economies continues to grow. 

“We’re proud to be leading this growing industry that we have been part of for a long time. As we continue to scale, our focus will remain on our customers, and providing 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 to join the UN Global Compact in a move to use non-fungible tokens to promote sustainability and equality.

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Consistent with derivatives markets, Ether (ETH) buyers are nonetheless assured that there’s the danger formore upside despite the fact that the 23% correction on Sept. 7 took a success on costs.   Ethereum community congestion additionally peaked on Sept. 7 when the common transaction price reached $60, and because then it has remained above $17. On account of the lingering demanding situations skilled via the community, traders have shifted into Ethereum competition with bridge and layer-two functions. For instance, Polkadot’s DOT rose via 29% during the last week and Algorand’s ALGO spiked 67%.  Definitely, there’s a quest for interoperability and layer-two scaling answers, aiming to briefly meet the explosive call for for nonfungible tokens (NFTs) and decentralized finance (DeFi) packages.  Whether or not the Ethereum community will maintain its absolute management place turns out inappropriate at the moment, because the business’s internet worth locked (adjusted overall worth locked) in good contracts has risen from $13.6 billion in December 2020 to its present $82 billion.  Regulatory worry coming from the US is most likely curtailing traders’ optimism in cryptocurrencies. Consistent with a report launched via a Area committee on Sept. 13, lawmakers intention to near a loophole that in the past allowed traders to assert capital good points deductions. The Inside Earnings Carrier these days considers cryptocurrencies as assets in “wash gross sales,” and consequently, they’re exempted from 30-day repurchase laws.  Ether value on Bistamp in USD. Supply: TradingView The temporary $4,000 take a look at on Sept. 3 momentarily led to derivatives markets to go into overdrive. The nonstop 45-day lengthy rally had raised Ether’s value from $1,735 on July 20, a 130% build up. In the meantime, the $3,200 toughen held firmly and boosted bulls’ self belief despite the fact that the altcoin dropped via 16% in 8 days.  ETH futures knowledge displays bulls are nonetheless “bullish”  Ether’s quarterly futures are the most popular tools of whales and arbitrage desks. Because of their agreement date and the cost distinction from spot markets, they could appear sophisticated for retail buyers. On the other hand, their maximum notable merit is the loss of a fluctuating investment charge.  Those fixed-month contracts most often business at a slight top rate to identify markets, indicating that dealers request more cash to withhold agreement longer. In consequence, futures must business at a 5% to fifteen% annualized top rate on wholesome markets. This example is referred to as “contango” and isn’t unique to crypto markets.   ETH futures 3-month annualized top rate. Supply: Laevitas As displayed above, Ether’s futures contracts were maintaining a good 8% top rate since Aug. 9. Aside from the temporary surge above 15% on Sept. 7, derivatives buyers have remained cautiously positive.  To grasp whether or not this motion used to be unique to these tools, one must additionally analyze perpetual contracts futures knowledge. Despite the fact that longs (consumers) and shorts (dealers) are matched always in any futures contract, their leverage varies.  In consequence, exchanges will rate a investment charge to whichever facet is the usage of extra leverage to steadiness their possibility, and this price is paid to the opposing facet.   ETH perpetual futures 8-hour investment charge. Supply: Bybt Information unearths that modest pleasure began build up on Sept. 2, lasting lower than 5 days. The sure investment charge displays that longs (consumers) have been those paying the charges, however the motion turns out reactive to the cost build up, and it pale as Ether crashed on Sept. 7.  At the present time, there are not any indicators of weak spot from Ether derivatives markets, and this might be interpreted as a bullish indicator. Traders’ consideration stays excited about traits in legislation and Ethereum 2.0, which everybody assumes must settle the scalability downside for just right.  The perspectives and evaluations expressed listed here are only the ones of the author and don’t essentially replicate the perspectives of Cointelegraph. Each funding and buying and selling transfer comes to possibility. You must behavior your individual analysis when you make a decision.
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Consistent with derivatives markets, Ether (ETH) buyers are nonetheless assured that there’s the danger formore upside despite the fact that the 23% correction on Sept. 7 took a success on costs. Ethereum community congestion additionally peaked on Sept. 7 when the common transaction price reached $60, and because then it has remained above $17. On account of the lingering demanding situations skilled via the community, traders have shifted into Ethereum competition with bridge and layer-two functions. For instance, Polkadot’s DOT rose via 29% during the last week and Algorand’s ALGO spiked 67%. Definitely, there’s a quest for interoperability and layer-two scaling answers, aiming to briefly meet the explosive call for for nonfungible tokens (NFTs) and decentralized finance (DeFi) packages. Whether or not the Ethereum community will maintain its absolute management place turns out inappropriate at the moment, because the business’s internet worth locked (adjusted overall worth locked) in good contracts has risen from $13.6 billion in December 2020 to its present $82 billion. Regulatory worry coming from the US is most likely curtailing traders’ optimism in cryptocurrencies. Consistent with a report launched via a Area committee on Sept. 13, lawmakers intention to near a loophole that in the past allowed traders to assert capital good points deductions. The Inside Earnings Carrier these days considers cryptocurrencies as assets in “wash gross sales,” and consequently, they’re exempted from 30-day repurchase laws. Ether value on Bistamp in USD. Supply: TradingView The temporary $4,000 take a look at on Sept. 3 momentarily led to derivatives markets to go into overdrive. The nonstop 45-day lengthy rally had raised Ether’s value from $1,735 on July 20, a 130% build up. In the meantime, the $3,200 toughen held firmly and boosted bulls’ self belief despite the fact that the altcoin dropped via 16% in 8 days. ETH futures knowledge displays bulls are nonetheless “bullish” Ether’s quarterly futures are the most popular tools of whales and arbitrage desks. Because of their agreement date and the cost distinction from spot markets, they could appear sophisticated for retail buyers. On the other hand, their maximum notable merit is the loss of a fluctuating investment charge. Those fixed-month contracts most often business at a slight top rate to identify markets, indicating that dealers request more cash to withhold agreement longer. In consequence, futures must business at a 5% to fifteen% annualized top rate on wholesome markets. This example is referred to as “contango” and isn’t unique to crypto markets. ETH futures 3-month annualized top rate. Supply: Laevitas As displayed above, Ether’s futures contracts were maintaining a good 8% top rate since Aug. 9. Aside from the temporary surge above 15% on Sept. 7, derivatives buyers have remained cautiously positive. To grasp whether or not this motion used to be unique to these tools, one must additionally analyze perpetual contracts futures knowledge. Despite the fact that longs (consumers) and shorts (dealers) are matched always in any futures contract, their leverage varies. In consequence, exchanges will rate a investment charge to whichever facet is the usage of extra leverage to steadiness their possibility, and this price is paid to the opposing facet. ETH perpetual futures 8-hour investment charge. Supply: Bybt Information unearths that modest pleasure began build up on Sept. 2, lasting lower than 5 days. The sure investment charge displays that longs (consumers) have been those paying the charges, however the motion turns out reactive to the cost build up, and it pale as Ether crashed on Sept. 7. At the present time, there are not any indicators of weak spot from Ether derivatives markets, and this might be interpreted as a bullish indicator. Traders’ consideration stays excited about traits in legislation and Ethereum 2.0, which everybody assumes must settle the scalability downside for just right. The perspectives and evaluations expressed listed here are only the ones of the author and don’t essentially replicate the perspectives of Cointelegraph. Each funding and buying and selling transfer comes to possibility. You must behavior your individual analysis when you make a decision.

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