NewsJul, 2021

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The NFT Marketplace ‘Opensea’ raises $100 million, making it a blockchain unicorn

In the latest news on the NFT front, Opensea revealed this week that it had raised $100 million in a Series B round, making it the latest non-fungible token (NFT)-focused company to raise financing this year. Andreessen Horowitz, a venture capital firm, spearheaded the Opensea financing round, including Kevin Durant, Ashton Kutcher, and Tobi Lutke.

Opensea to Move to Polygon

Opensea, one of the most significant non-fungible token (NFT) exchanges on the market today, has announced a $100 million Series B fundraising round. Additionally, the project claimed that it will be adding "cross-blockchain support" to its capabilities and that Opensea would begin supporting the Polygon blockchain. After the Series B fundraising round headed by Andreessen Horowitz (a16z), Opensea has reached unicorn status among blockchain businesses, with a valuation of $1.5 billion.

Huge Volume for Opensea

According to 30-day data from Dune Analytics, Opensea's sales volume for the month of July was the largest ever, topping the previous month's record-breaking numbers. The total volume in July was $174.6 million, but the daily volume was $4.4 million, which is lower than typical.

According to daily figures from Dune Analytics, Opensea received $23.1 million on May 4 in the first week of May. Users can try out Polygon Opensea support right now by going to Opensea's Matic website. "When conducting trades on Opensea, buyers no longer have to pay blockchain fees, and creators may fully earn their way into crypto for the first time," the business stated.

NFT market is fierce 

Opensea's Series B follows a slew of NFT-focused exchanges that have raised millions of dollars to help the industry grow. In a token sale for the Efinity NFT marketplace, which supports the Polkadot blockchain, Enjin raised $20 million. Rarible, a new NFT market, just raised over $14 million and expects to launch on the Flow blockchain. During the first week of July, the Mark Cuban-backed non-fungible token (NFT) marketplace Mintable raised $13 million in a Series A fundraising round. 

Investors and venture capital organizations appear to expect that the NFT craze will last for a long time, as seen by Opensea's newest funding.