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NFT marketplace OpenSea gets $23 million in Series A funding

  • OpenSea raises $23 million to expand its NFT services
  • The investment round was led by A16z, Mark Cuban, Naval Ravikant, and others
  • OpenSea invites creators to join the NFT platform

The NFT sector is rapidly growing, and companies in this space are getting attention. OpenSea is a leading company in the NFT marketplace, and it wants to expand its services after raising extra funds.

OpenSea announced yesterday that it had raised $23 million in a Series A funding round led by venture capital firm a16z. Other investors such as Naval Ravikant, Mark Cuban, and 3LAU also participated in the funding round.

Co-founder and CEO Devin Finzer said, “At OpenSea, we are growing and shaping this economy by building the world’s best, largest, and most trusted marketplace for this new type of digital asset. Over the coming years, billions of people will be introduced to digital ownership, and we’ve built OpenSea as a trusted entry point into that world.”

OpenSea’s transaction volume on the rise

OpenSea’s transaction volume is up by more than 100x over the past six months, thanks to the entry of hundreds of projects and creators. The platform now houses game companies, digital artists, musicians, professional athletes, and more.

A16z is one of the leading venture capitalists firms in the crypto and blockchain space. It has invested in several startups, including successful platforms like Coinbase. Finzer said the OpenSea platform is open to all creators who believe they have something unique to offer. “Any NFT project or creator can plug into our marketplace without being wedded to a particular platform. The 20 million+ NFTs you can trade on OpenSea are not owned by OpenSea, they are owned by users,” he added.

The creators are allowed to control their data and determine how they will distribute and sell their collection.

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