Opensea raises $100M for NFT Marketplace

Published by

Alice Jenifferze activities: Digital Marketer

Jul 30, 2021

OpenSea raised $100 million at a $1.5 billion value from A16z to scale its open nonfungible tokens (NFTs) marketplace.

 

The New York-based OpenSea said it has become the largest digital marketplace for crypto collectibles and NFTs. It sells NFTs, which are uniquely identifiable digital items that can be authenticated through blockchain (the transparent and secure digital ledger behind cryptocurrencies).

 

In June alone, OpenSea sold $160 million in digital assets on its NFT marketplace, and it experienced a 45 times increase in volume growth during the first half of 2021 from just $8 million in sales in January.

 

High-growth collectible avatar projects like Hashmasks, Bored Ape Yacht Club, and Meebits, which combine elements of art, blockchain tech, and social clubs, have also taken off on OpenSea in 2021.

 

“What’s exciting with NFTs is that the use case is not just purely financial or purely speculative,” Finzer said. “Folks from all sorts of different industries have started getting curious. It’s true that a lot of these are the early adopter crowd. But it’s really expanding beyond people who are really interested in trading stocks or what have you, to people who are more interested in creative work.”

 

NFTs have exploded in applications such as art, sports collectibles, and music. NBA Top Shot (a digital take on collectible basketball cards) is one example. Built by Dapper Labs, NBA Top Shot has surpassed $700 million in sales. And an NFT digital collage by the artist Beeple sold at Christie’s for $69.3 million in March. Gaming has a couple of new unicorns, or startups valued at $1 billion, in Animoca Brands and Forte. NFTs are now selling at a rate of $62 million a week, though the initial hype around NFTs is dying down from a peak in May of $175 million a week, according to Nonfungible.com.

 

Thus the popularity of Opensea increases day by day which in parallel inspires entrepreneurs to kick start their own NFT Marketplace like Opensea.

By making use of Opensea Clone Script, A raw ready-made script with inbuilt features and functionalities of opensea, one could easily start a NFT Platform like Opensea.

 


Articles authored by Alice Jenifferze

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