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OpenSea Raises $100M for Multi-Chain NFT Plans

OpenSea Raises $100M for Multi-Chain NFT Plans

OpenSea has closed a Sequence B funding round led by Andreessen Horowitz. The $100 million sum raised supplies the firm a valuation of $1.5 billion.

The NFT device has a recent unicorn: OpenSea.

OpenSea Plans Multi-Chain Switch

OpenSea, one among the leading marketplaces for the NFT device, has become the most up-to-date crypto unicorn.

The firm closed a Sequence B round led by Andreessen Horowitz (a16z) Tuesday, touchdown a $1.5 billion valuation after elevating $100 million.

Moreover a16z, diversified participants incorporated Coatue, Ingenious Artists Company, Ashton Kutcher, Kevin Durant, and Shawn Mendes. The lift follows a $23 million Sequence A round in March, which used to be also led by a16z.

The lift comes all over a groovy off all around the NFT market. Many NFTs occupy plummeted in cost since the broader crypto market suffered a break in May possibly likely likely likely, with trading quantity experiencing a appealing decline.

However, OpenSea doesn’t appear to occupy suffered. It recorded $160 million in gross sales in June, helped by the rising quiz for initiatives like Bored Ape Yacht Membership and Cool Cats (OpenSea takes a 2.5% reduce from every sale). Bored Apes originally traded at 0.03 ETH in May possibly likely likely likely and occupy hit a ground tag of almost 7 ETH on OpenSea.

So-called “avatar initiatives” occupy been a key motive force for the NFT market in most up-to-date weeks, evidenced by the rising number of NFT artworks that occupy surfaced on social media. Jay-Z currently apprehensive the community when he modified his Twitter avatar to a CryptoPunk.

Basically the most in style NFTs of right now are every so time and but again found on Ethereum, though OpenSea has plans to enlarge to diversified blockchains. The gain marketplace plans to make exhaust of the funds to present a boost to its user ride and develop its team because it builds out its offering. It’s launched beef up for Polygon and Klaytn as section of the announcement and can even enlarge to Drift and Tezos.

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