The most popular NFT marketplace, OpenSea, announced the completion of its Series B fundraising round, raising a total of $100 million. The company will use the funds to expand the team, add support for new blockchains, and further invest in the industry.
The funding round was led by Andreessen Horowitz with participation from Coatue, along with Michael Ovitz, Kevin Hartz, Dylan Field, Kevin Durant, Ashton Kutcher, and Tobi Lutke.
In the last year there has been an explosion of new blockchains and scaling solutions. Along with its fundraising victory, OpenSea also announced the introduction of cross-blockchain support. The team is launching a new, gas-free marketplace which will make NFTs and crypto more accessible to first-timers, and buyers no longer have to pay gas fees when making trades on OpenSea.
Although the immediate mission is to build the best NFT marketplace, the broader vision of the company is to turn the internet from an information transfer machine into a value transfer machine. It’s still early stages for NFTs, but they represent the building blocks for brand new peer to peer economies, where users have greater freedom and ownership over their data, and developers can build powerful, interoperable applications to provide real economic value to users.
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.