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NFT Marketplace, OpenSea Gets $23 Million Series A Funding

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With large venture capital firms investing funds in the NFT platform, the non-fungible token boom is showing no signs of easing. Recently, Andreessen Horowitz (aka A16z) announced that it was raising $23 million in Series A funding for OpenSea, the popular NFT marketplace.

According to the announcement, angel investors such as Ron Conway, Mark Cuban, Tim Ferris, Belinda Johnson, Naval Ravikante, Ben Silberman and others will participate in this funding round.

Katie Haun, the general partner of A16z who announced the news, praised the move, adding that the platform creates the necessary connection between digital goods consumers and the infrastructure layer.

The venture capital company recognized this growth, noting:

“Today there are more than 3 million NFTs for sale, and sales volume on the top sources has grown over 400x year over year to more than $100 million per week. NFTs are breaking out to more mainstream audiences, and represent an entirely new economy based on digital ownership.”

It added that OpenSea provides a one-stop service to discover, buy and sell irreplaceable digital assets while providing other information related to a particular NFT.

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Andreessen Horowitz, which has previously invested in Coinbase, Maker DAO, and more recently the Ethereum Layer 2 scaling solutions provider Optimism, added;

“Given the importance of this consumer layer in such a fast-growing area, it’s no surprise that OpenSea’s growth has been off the charts, with transaction volume growing 100x in the last six months.”

If 2020 is the year of DeFi, then 2021 is a record year for NFT. For example, Beeple’s digital collage “Beeple’s “EVERYDAYS: THE FIRST 5000 DAYS” sold for nearly $70 million at a Christie’s auction.

About OpenSea

OpenSea is the first and largest market for user-owned digital goods, including collectibles, game items, domain names, digital art, and other blockchain-powered assets. On OpenSea, anyone can buy and sell these items through smart contracts.

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