Opensea has become the latest company to raise funds this year to focus on non-fungible tokens (NFT), as the company announced this week that it has raised US$100 million in a Series B financing. Venture capital firm Andreessen Horowitz led a round of funding for Opensea with investors such as Kevin Durant, Ashton Kutcher and Tobi Lutke.
NFT market Opensea joins the blockchain unicorn, the project now supports Polygon
Opensea, one of the largest non-fungible token (NFT) markets today, announced that the company has raised $100 million in Series B financing. In addition, the project also announced the expansion of its functions to “cross-blockchain support”, and Opensea will begin to support the Polygon blockchain. A round of financing led by Andreessen Horowitz (a16z) allowed Opensea to enter the unicorn status of blockchain startups with a valuation of $1.5 billion after the B round of financing.
The company stated in the financing announcement: “At Opensea, we believe that NFT is becoming one of the first consumer-oriented blockchain killer applications.” “NFT is a digital product with brand-new attributes (think digital art, Simple primitives for game items, domain names, etc.): they are unique, provably scarce, fluid, user-owned, and can be used in multiple applications,” the company added.
In addition to a16z, Opensea’s B series also saw the participation of Coatue and investors such as Michael Ovitz, Kevin Hartz, Dylan Field, Kevin Durant, Ashton Kutcher and Tobi Lutke. “NFT represents the cornerstone of a new peer-to-peer economy. Users have greater freedom and ownership of their data. Developers can build powerful and interoperable applications that provide users with real economic value,” Opensea’s financing announcement emphasize.
Opensea swims in a sea of funds raised by competitors in the NFT market
According to Dune Analytics’ 30-day statistics, Opensea’s July sales hit a record high, surpassing the record-breaking data last month. The transaction volume in July reached 174.6 million US dollars, but the daily trading volume was lower than usual at 4.4 million US dollars.
Dune Analytics’ daily statistics show that in the first week of May, Opensea’s revenue on May 4 was $23.1 million. As for Polygon Opensea support, users can test it by visiting Opensea’s Matic webpage today. The company pointed out: “When trading on Opensea, buyers no longer need to pay blockchain fees, and creators can earn money entirely through cryptocurrency for the first time.”
Opensea’s Series B financing tracked many NFT-focused markets that have been able to raise millions of dollars to expand the NFT industry. Enjin raised $20 million through token sales for the Efinity NFT market that supports the Polkadot blockchain. The NFT market Rarible recently raised more than $14 million and plans to launch it on the Flow blockchain.
Mintable, a non-fungible token (NFT) market backed by Mark Cuban, raised $13 million in Series A funding in the first week of July. Investors and venture capital firms seem to believe that the NFT hype will continue for a long time, and Opensea’s latest funding shows that this trend is still going on.
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