Andreessen led a Series B financing round for OpenSea. The $100m raised provides the company with a $1.5 b valuation.
OpenSea is a modern unicorn in the NFT market
OpenSea is planning a multi-chain effort. The company is among the biggest NFT markets and is now the newest crypto unicorn.
After raising $100m, the company concluded a Series B investment led by Horowitz on Tuesday, securing a $1.5b valuation.
Other collaborators included Creative Artists Agency, Coatue, Kevin Durant, Shawn Mendes, and Ashton Kutcher, in addition to Andreessen. The funding comes on the heels of a $23m Series A investment led by Andreessen Horowitz in March.
The recent rise has come during a significant cool-off throughout the Non-Fungible Token market. Many Non-Fungible Tokens have dropped in their value from the time when the complete digital asset industry has suffered a massive crash in the month of May 2021, with the trading volume plummeting.
Regardless, OpenSea does not appear to have slowed down a bit. Opensea has recorded about $160m in sale transactions for the month of June, aided by the increasing demand for crypto projects such as Cool Cats and Bored Ape, in which OpenSea profits a 2.5 percent cut from each sale. The Bored Ape, in the beginning, started trading near 0.03 Ethereum in the month of May and has managed to reach a floor value of near 7 Ethereum on OpenSea.
One of the primary driving force behind the Non-fungible Token market within the previous few weeks have been a project called avatar projects, supported by the increasing number of Non-Fungible Token artworks which have been circulating on few social media platforms. Prominent singer and entrepreneur Jay-z shocked the world by replacing his current Twitter profile avatar with a CryptoPunk one.
Commonly most prominent Non-Fungible Tokens can be easily found on the ETH, although OpenSea does also have some plans to extend its services to different blockchains. The digital marketplace believes in utilizing the capital raised to improve the customer experience and increase its team size as it is improving its current offering. The digital marketplace has also released that it will be supporting Klaytn and Polygon and would also extend to Tezos and Flow, respectively.