OpenSea Raises $100M for Multi-Chain NFT Plans

OpenSea Raises $100M for Multi-Chain NFT Plans

News

Share this article

The NFT space has a new unicorn: OpenSea. 

OpenSea Plans Multi-Chain Move

OpenSea, one of the leading marketplaces for the NFT space, has become the latest crypto unicorn. 

The firm closed a Series B round led by Andreessen Horowitz (a16z) Tuesday, landing a $1.5 billion valuation after raising $100 million. 

Besides a16z, other participants included Coatue, Creative Artists Agency, Ashton Kutcher, Kevin Durant, and Shawn Mendes. The raise follows a $23 million Series A round in March, which was also led by a16z. 

The raise comes during a cool off across the NFT market. Many NFTs have plummeted in value since the wider crypto market suffered a crash in May, with trading volume experiencing a sharp decline. 

Nonetheless, OpenSea doesn’t seem to have suffered. It recorded $160 million in sales in June, helped by the growing demand for projects like Bored Ape Yacht Club and Cool Cats (OpenSea takes a 2.5% cut from every sale). Bored Apes initially traded at 0.03 ETH in May and have hit a floor price of almost 7 ETH on OpenSea. 

So-called “avatar projects” have been a key driving force for the NFT market in recent weeks, evidenced by the growing number of NFT artworks that have surfaced on social media. Jay-Z recently shocked the community when he changed his Twitter avatar to a CryptoPunk. 

The most popular NFTs of today are typically found on Ethereum, though OpenSea has plans to expand to other blockchains. The online marketplace plans to use the funds to improve its user experience and grow its team as it builds out its offering. It’s announced support for Polygon and Klaytn as part of the announcement and will also expand to Flow and Tezos. 

Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, MATIC, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Jay-Z Selling Debut Album NFT at Sotheby’s

Iconic auction house Sotheby’s today begins the auction of a Jay-Z-commissioned NFT titled “Heir to the Throne.” Jay-Z Marks 25 Years of “Reasonable Doubt”  Shawn “Jay-Z” Carter is the latest…

OpenSea Raises $23 Million In Series A Funding Round

OpenSea has raised $23 million in its Series A round, according to an announcement from the NFT trading marketplace. OpenSea Attracts Heavyweight Investors OpenSea’s Series A fundraising round was led…

How to Trade Using the Inverse Head and Shoulders Pattern

In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…

Polygon Launches NFT Gaming Studio 

The popular Ethereum scaling solution Polygon has announced the launch of a gaming and NFT studio called Polygon Studios. The initiative is aiming to strengthen the network’s fast-growing ecosystem.   Polygon…

Binance

Source link

Latest Crypto News


Popular Links

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments