OpenSea is the newest crypto unicorn after $100M investment spherical



OpenSea has turn into the newest crypto unicorn after it introduced a $100 million Sequence B investment spherical led by means of mission capital company Andreessen Horowitz at a valuation of $1.5 billion.

The unicorn standing is attributed to corporations which can be valued at over $1 billion, and OpenSea now joins a protracted listing of crypto unicorns akin to Coinbase, Animoca Manufacturers and Chainalysis to call a couple of.

The fundraise incorporated participation from hedge fund and personal fairness company Coatue, at the side of backing from figures akin to former Walt Disney president Michael Ovitz, actor Ashton Kutcher and NBA big name Kevin Durant.

In a July 20 weblog publish, along the $100M investment spherical OpenSea additionally formally announced expanded-blockchain give a boost to, beginning with a “gas-free” market on Polygon, a layer 2 Ethereum scaling resolution.

“Patrons now not must pay blockchain charges when making trades on OpenSea, and creators can totally earn their means into crypto for the primary time,” the company printed.

In line with TechCrunch, OpenSea is also planning to enlarge give a boost to to Dapper Lab’s Drift blockchain at the side of Tezos at some point.

The most recent investment spherical presentations important expansion for one of the vital best NFT marketplaces within the trade and follows on from its $23 million Series A funding round in March, which used to be additionally led by means of Andreessen Horowitz.

OpenSea in particular didn’t verify what the price range would pass towards, however a Forbes document said the price range will likely be used to develop the group, development additional cross-chain give a boost to, and making improvements to person enjoy. Kathryn Haun, a common spouse at Andreessen Horowitz can be becoming a member of OpenSea’s board of administrators.

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OpenSea additionally teased that it has ambitions to release different tasks to accompany its NFT market at some point:

“Our broader undertaking is to assist create the techniques and requirements that allow the conversion of all sorts of virtual wealth into bureaucracy which can be in point of fact ownable and freely exchangeable.”

Regardless of a common quiet down of hype in opposition to the NFT over the last few months, Cointelegraph reported on July 7 that NFT sales in the first half of 2021 topped $2.5 billion.

In line with knowledge from DappRader, the OpenSea market has seen $181.92 million price of quantity from 553,000 transactions over the last 30 days.