thecoinrepublic.com
- NFT marketplace OpenSea has raised $100 million in a recent Series B funding round
- Andreessen Horowitz’ a16z venture led the funding round
- The latest funds have increased the valuation of the firm to $1.5 billion
- Kathryn Haun will be joining the board of directors of the OpenSea marketplace
NFT or Non-Fungible Token industry in the cryptosphere has seen a tremendous craze since last year. However, in the current scenario, we have observed that the market is witnessing a drop in its use. As a result, the entire sector has seen a decline in the number of transaction volumes. Moreover, the count of users actively involved in the industry has also plunged. Still, OpenSea, an NFT marketplace, has raised $100 million in a recent fundraising round. Andreessen Horowitz led the round. Following the scenario, venture capitalists seem to be still highly bullish on the future of these NFTs.
OpenSea NFT marketplace has secured a $1.5 bn valuation
In the recent Series B funding round led by a16z venture, OpenSea has raised $100 million. Apart from a16z, other investors also participated in the capital raising round. Such participants include Coature, an investment manager.
Moreover, Creative Artists Agency and New Enterprise Associates’ Connect Venture also participated in the round. Among other investors, Ashton Kutcher, celebrity investor Kevin Durant, and Shawn Mendes were also present in the funding round of the NFT marketplace.
OpenSea is still far from other bigger fundraisings
The NFT industry has seen other most significant investments. Firms like Sorare and Dapper Labs have raised $532 and $305 million worth of funds this year. Still, it is noteworthy that the recent capital raising round has helped the NFT marketplace gain a total of $1.5 billion valuations.
The funds helped the firm to become the newest unicorn in the cryptosphere. Moreover, the recent round has followed a recent funding round of $23 million.
Kathryn Haun from a16z will join the board of directors
Kathryn Haun is the general partner at Andreessen Horowitz. Additionally, it is revealed that Haun will join the board of directors at the OpenSea NFT marketplace.
According to Haun, OpenSea understands the requirement for an open, cross-blockchain marketplace. Such a place where anyone can trade or create NFTs easily. Hence, the comprehensive fact has made the firm one of the essential firms in the crypto ecosystem today.
Undoubtedly, OpenSea is offering the best user experience for today’s creators and traders in one platform. Hence, a16z is thrilled to double down on the team, its technology, and the overall vision.
How will the latest funds help OpenSea?
It is known that the latest raised funds will be used for the NFT marketplaces’ new cross-blockchain support, improve user experience as new chains are supported, and grow the team. Notably, the platform only supports minting, buying, and selling of NFTs on the Ethereum blockchain.
Experts claim that the network has been plagued by congestion and high gas fees. The NFT platform has announced support for the Ether scaling platform Polygon and Klaytn blockchain. Simultaneously, it has plans to expand to Flow and Tezos in the future.