• OpenSea raises $100 million in a Series B investment, valued at $1.5 billion

  • OpenSea, an NFT marketplace, has raised $100 million in a Series B financing headed by Andreessen Horowitz (a16z). The latest funding values OpenSea at $1.5 billion, effectively making it a unicorn or a firm with a total valuation of more than $1 billion.

    Creative Artists Agency (CAA), Michael Ovitz, Kevin Durant, and Ashton Kutcher are among the participants in the round. The announcement comes just four months after a16z led a $23 million Series A investment for the marketplace.

    “With growing market adoption around crypto-economics, NFTs are soon becoming the new internet,” said Devin Finzer, co-founder and CEO of OpenSea. “As we grow, we will continue to focus on our consumers and offering the finest user experience and entry point into NFTs.”

    The prominent digital marketplace for crypto collectibles, NFTs, and other unusual digital things, which began in 2017, is situated in New York. Non-fungible tokens, or NFTs, are one-of-a-kind digital items that reside on the blockchain and represent a variety of file kinds such as audio, art, video, and more.

    OpenSea intends to use the new money to expand its NFT marketplace by hiring more engineers and reaching out to new businesses and consumers on a global level.

    While NFT activity has decreased slightly since the beginning of the year, trading volumes and weekly sales have increased.

    OpenSea, on the other hand, has continued to expand. The platform sold $160 million in digital assets on its marketplace in June 2021 alone, with a volume growth of 45 percent in the first half of 2021.

    Just yesterday, @ObiWanBenoni, a 12-year-old crypto artist, gained nearly $150,000 on OpenSea by selling “Weird Whales,” a collection of 3550 AI-generated whales with distinct personalities and attributes.

    In addition to individual sales, the OpenSea marketplace served as the launchpad for a number of high-volume collectible avatar initiatives this year, including Hashmasks, Bored Ape Yacht Club, and Meebits.

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