NFTs are getting popular and so are companies that provide a marketplace for the same. The company OpenSea that is yet another major NFT market has raised $100 million recently. The Series B funding round was led by 16z a Venture capitalist firm and evaluated OpenSea at $1.8 billion. OpenSea says that they plan to expand using the funding and grow their global operations.
More about OpenSea
The company is a unicorn as it is evaluated over a $1 billion. For a startup this is a big milestone and the company is already on their way to $2 billion. The recent funding round was conducted after the Series A funding round conducted four months back where they raised $23 million. A lot of notable names took part in that funding round. Some of these names include Micahel Ovitz, kevin Durant among others.
As OpenSea raised $100 million it will also help them in taking advantage of the increasing market adoption of NFTs. People are actually paying millions of dollars for the same so that they can have the ownership of unique items minted on blockchain. And with that happenming OpenSea has a huge growth opportunity. The company says even though they are increasing their operations they want to give the best customer experience to their users. Their primary goal is to bring an entry point for the NFTs.
OpenSea’s growth
OpenSea was founded back in 2017 but did not see much business in NFTs until 2021. This is because non-fungible tokens became popular only in the near term. The company’s platform sold $160 million in NFTs in June 2021. This is quite a big number for a company that sells digital art online. Their platform saw a 45% increase in volume growth in 2021 till now.
What are your thoughts on the amount raised by OpenSea? And do you think that the booming NFT industry is here to stay? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
Also Read: Why doesn’t the government just print money and buy Bitcoins?
