OpenSea: The NFT Marketplace Rose $100M In Series B Funding

OpenSea is one of the biggest and most popular NFT marketplaces and it has recently announced that it has raised almost $100M in a Series B funding round.

OpenSea Supports Polygon Blockchain

The NFT platform OpenSea is based in New York. This platform has become the largest digital marketplace for NFTs and crypto collectibles. The Series B funding round was led by Andreessen Horowitz which is a venture capitalist firm. All the credits go to this financial round because of which this platform has become a part of the blockchain unicorns. Currently, the firm’s valuation is around $1.5 billion.

In a press release, the firm said, “At OpenSea, we believe NFTs are emerging as one of the first consumer-oriented killer applications for blockchains. NFTs are a simple primitive for digital goods (think digital art, game items, domain names, and more) with brand new properties: they’re unique, provably scarce, liquid, user-owned, and usable across multiple applications.” Further, the company also announced cross-blockchain support and how it will now support the Polygon blockchain. All the crypto enthusiasts might be aware of the fact that Ethereum-based blockchains require gas fees, also known as transaction fees in general. However, this is not the case with the Polygon network. Now the buyers of OpenSea don’t need to pay any extra fees while they are transacting NFTs. All this was possible because of the faster and efficient Polygon blockchain.

This popular NFT marketplace explains, “Today we’re officially announcing cross-blockchain support, starting with a gas-free marketplace on the Polygon blockchain. Buyers no longer have to pay blockchain fees when making trades on OpenSea, and creators can fully earn their way into crypto for the first time.”

Andreessen Horowitz is not the only firm that was in the Series B funding round. There were also several other investors. It includes Michael Ovitz, Kevin Hartz, Dylan Field, Kevin Durant, Ashton Kutcher, and Tobi Lutke present. Even Coatue took part in this round. Before OpenSea’s funding round, there are other marketplaces as well that already raised a lot of money in funding. Just some time ago, Rarible also announced that it has raised around $14 million.

The Non-Fungible Market

In May this year, the NFT market crashed by 90% but it has started to slowly recover after that. During the peak period, the weekly transaction volume was approximately US$176 million, and now it is approximately US$55 million. Such a terrible crash forced people to think about whether the bubble has finally popped or not. But such huge fundings from OpenSea and other firms just hints that technology has a bright future. By the way, the collapse of the NFT market coincided with the collapse of cryptocurrencies, when the value of Bitcoin fell by 50%. Currently, the price of BTC is around US$32,000 which is a 1% increase in the past 7 days.

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