OpenSea NFT Market Raised $100M In New Funding Round

OpenSea NFT market raised $100 million in a new funding round led by Andreessen Horowitz as we can see more in our latest cryptocurrency news today.

OpenSea NFT market is now valued at $1.5 billion after receiving $100 million in a new funding round led by Andreessen Horowitz. The biggest NFT marketplace said in an official press release as OpenSea noted that it will use the funds to expand reach into other international markets to make NFT trading accessible to more users. The project added the part of the funding will be used to scale the platform focusing on the new engineering talent to establish a presence in the NFT space.

The funding round led by Andreessen Horowitz got much support from a few other investors including CAA, Coatue and Michael Ovitz, Kevin Durant, Kevin Hart, and Ashton Kutcher. In a statement, Kathryn Haun who is a general partner at Andreessen Horowitz said:

“The team at OpenSea realized early on the need for an open, cross-blockchain marketplace where anyone can buy, sell and create digital NFTs which is why they are one of the most important companies in crypto today. We are thrilled to double down on this team, their technology, and overall vision as they continue to provide the best user experience for today’s creators, buyers, and sellers, in one platform.”

The fresh capital came a few months after the project got $23 million in Series A Funding round from angel investors like Ron Conway, Mark Cuban with the new funding, OpenSea having a market valuation of $1.5 billion. The platform is set to become the first cross-blockchain NFT marketplace as it aims to launch official support for other blockchains. OpenSea now supports a few chains including Polygon, Ethereum, and Klaytn with plans to add support for Tezos and Flow. The NFT space witnessed a huge growth in the past few months and the funding came at a time when OpenSea driving mainstream adoption.

As the biggest NFT marketplace, OpenSea recorded a huge influx of investors on the platform and a month alone, it sold over 0 million worth of NFT and saw its trading volume for the first half of this year experiencing a 45x increase.
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Devid Finzer, the CEO of OpenSea Chief Executive Officer said:

“We’re proud to be leading this growing industry that we have been part of for a long time. As we continue to scale, our focus will remain on our customers, and providing the best user experience and entry point into NFTs.”.