280 Interactions, 2 today
Would this latest round of funding help OpenSea becoming the Amazon of NFTs?
OpenSea, one of the leading global collectable marketplaces, has received new investment from venture capital company Andreessen Horowitz, or a16z, and others.
Andreessen Horowitz is leading a $23 million Series A round for OpenSea alongside a16z’s Cultural Leadership Fund, as well as angel investors Ron Conway, Mark Cuban, Tim Ferriss, Belinda Johnson, Naval Ravikant, Ben Silberman, among others, according to the company.
“OpenSea makes NFTs searchable, usable, and organized,” said a16z general partner Katie Haun. “But it goes further and provides a marketplace that brings all platforms together and eases transactions among all parties, the way eBay and Amazon do.”
In its decision to back the non-fungible token, or NFT, marketplace, the venture capital firm cited OpenSea’s rise, claiming it had been “off the charts” in the last six months, with transaction volume increasing 100-fold. Furthermore, a16z lauded the marketplace’s leadership, which included CEO Devin Finzer and CTO Alex Atallah.
Andreessen Horowitz, one of the first venture capital companies to enter the space, has so far invested in a number of crypto ventures, including Libra, Developer DAO, and Coinbase. The company backed Optimism’s L2 scaling solution last month.