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Andreessen Horowitz leads OpenSea’s $23M Series A fund to scale its NFT marketplace

money

TL;DR Breakdown

  • NFT marketplace, OpenSea, has raised $23 million in a Series A funding round.
  • Andreessen Horowitz and Mark Cuban invested in the platform.

The non-fungible token (NFT) market is looking very promising and attractive for investment. Interest in NFTs has significantly increased since this year, as millions of dollars are being traded in the market daily. OpenSea, one of the leading NFT marketplaces, believes that billions of people will be introduced to the digital collection in the near future. Hence, it has raised new capital to scale its marketplace.

a16z, Mark Cuban, invest in OpenSea

The NFT platform secured $23 million in a Series A funding round, which was led by Andreessen Horowitz (a16z), a US-based crypto-friendly venture capital company. Prominent angel investors like Mark Cuban, the owner of Dallas Mavericks, Naval Ravikant, Ben Silbermann, Alexis Ohanian, and many more, participated in the funding round, according to the founder and CEO of OpenSea, Devin Finzer. 

The newly-raised capital will be used to scale the NFT marketplace in preparation for the billions of people expected to join the non-fungible token market in the coming years, said Finzer. 

NFTs are digital assets – they can be digital arts, think digital art, game items, etc. – that are unique and can’t be replaced. They are liquid and probably scarce. 

OpenSea sees 100x growth

The NFT market gained more traction in 2021, and many marketplaces, including OpenSea, are seeing a significant increase in user activity. Finzer noted that the transactions on the platform increased by 100x over the last six months. “The world is waking up to the power of this technology, and it’s happening quite suddenly,” he added. So far, more than 20 million NFTs have been listed on OpenSea for trading. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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