Home Crypto NFT Trading Platform Giant OpenSea Raises $100 M in Series B Funding,...

NFT Trading Platform Giant OpenSea Raises $100 M in Series B Funding, Becoming Next Crypto Unicorn

The well-known NFT buying and selling platform large OpenSea introduced the completion of a $100 million Series B financing and formally joined the crypto unicorn monitor.

Reportedly, the financing was led by enterprise capital agency Andreessen Horowitz (a16z). Other buyers embody hedge funds and personal fairness agency Coatue, former Disney president Michael Ovitz, Co-Founder and Chairman of Eventbrite Kevin Hartz, CEO & Co-founder of Figma Dylan Field, well-known NBA star Kevin Durant, American actor Ashton Kutcher, and the founder and CEO of Shopify Tobi Lutke.

The financing didn’t disclose the precise goal of use. However, the corporate acknowledged that its direct mission is to offer the very best marketplace for the creation and institution of NFTs and to assist set up techniques and requirements that may remodel all forms of digital wealth into a very possessive and freely exchangeable kind, stating that:

“OpenSea’s broader mission is to show the web from an info switch machine into a price switch machine.”

According to a Forbes report, the funds raised this time will probably be used to develop the workforce and set up multi-chain help and supply clients with a smoother expertise.

The OpeaSea workforce said that in the announcement:

“we’re formally asserting cross-blockchain help, beginning with a gas-free market on the Polygon blockchain. Buyers now not need to pay blockchain charges when making trades on OpenSea, and creators can totally earn their means into crypto for the primary time.”

The B spherical of financing is the biggest financing. The peer-to-peer (P2P) market for crypto collectables and non-fungible tokens (NFT) OpeaSea is valued at about $1.5 billion, changing into the newest crypto unicorn-referring to the institution of fewer than 10 years valuation of $1 billion expertise startups that aren’t listed on the stock market.

The well-known cryptocurrency mining large Bitmain in the United States and the just lately accomplished $900M spherical of financing of the cryptocurrency alternate FTX, and so forth., are presently well-known cryptocurrency unicorn corporations.

This shouldn’t be the primary time Andreessen Horowitz has invested in OpenSea. On March 18, OpenSea, a notable digital market for crypto collectables, accomplished an funding led by a16z with a complete worth of $23 Million.

So far, OpenSea has raised $127.2M in funding over 5 rounds, together with this spherical of financing.

Image supply: Shutterstock

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