OpenSea is an NFT marketplace where investors can purchase artworks like Cryptokitties and even host auctions for their artwork. Recently, the NFT market acquired the status of being the top gun in the industry by successfully raising $100 million in a Series B funding round. The funding round was spearheaded by Andreessen Horowitz. Andreessen Horowitz is a venture capital investment firm hailing from Silicon Valley.
With the new fund, OpenSea is now valued at $1.5 billion. Considering the cold state of NFT trade in general, this can be seen as a major accomplishment. Many are calling OpenSea the new crypto unicorn. In March, ‘series A’ funding round was also arranged by a16z where the likes of Shawn Mendes, Ashton Kutcher, Coatue, Kevin Durant, Creative Artist Agency managed to raise $23 million for OpenSea.
OpenSea has recently raised $100 million for its multi-chain NFT project. The current state of the NFT market is in a lurch since the recent crash of Bitcoin in May. However, it seems that OpenSea has been doing well during this challenging time. Last month, it recorded $160 million in sales revenue.
The major projects contributing to these impressive revenue streams are Bored Ape Yacht Club and Cool Cats. The Bored Ape NFTs were valued at only 0.03 ETHs in the beginning. After the market demand grew, the same project has been promoted to a 7 ETH floor price. OpenSea is subjected to gain 2.5% in commission from every sale on the platform.
Jay-Z Changed his Twitter Profile Picture with a CyberPunk Avatar
The avatar-based NFT projects have proven to be the saving grace for the NFT market in general. Due to popular demand, more NFT artwork in the same line has appeared on different social media forums. Music world sensation Jay Z recently changed his profile picture to a CyberPunk setting a new trend across the platform.
The largest number of NFT projects are recently founded on the Ethereum blockchain. However, OpenSea management is planning to introduce new ecosystems to their platform. Thus far, support for viable blockchain projects like Klaytn, Polygon, and Tezos are taken into consideration. The recently raised funds will be utilized to build offering and improve the user experience at OpenSea.