OpenSea, One of the Largest NFT Marketplaces, Raises $100 Million and Moves to Support Polygon Layer 2

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OpenSea, one of the top NFT marketplaces, has announced it has raised $100 million in a Series B round lead by Andreessen Horowitz (a16z).

At the same time, the marketplace has said it will start supporting the Polygon Layer 2 protocol.

The latest funding round now values OpenSea at $1.5 billion elevating it to unicorn status. It follows other NFT marketplaces that have similarly raised recently. These include:

  • Efinity – $20 million
  • Rarible – $14 million
  • Mintable – $13 million
  • OpenSea – $100 million

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SEE ALSOThe Andreessen Horowitz (a16z) $2.2 Billion Crypto Fund III and What it Means for Africa

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OpenSea sales volumes skyrocketed to its highest ever in the month of July 2021 to hit $174.6 million show the huge demand for NFTs.

Announcing the funding round, OpenSea put out a comment saying:

“At Opensea, we believe NFTs are emerging as one of the first consumer-oriented killer applications for blockchains.

NFTs are a simple primitive for digital goods (think digital art, game items, domain names, and more) with brand new properties: they’re unique, provably scarce, liquid, user-owned, and usable across multiple applications.

NFTs 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.”

                        – OpenSea NFT Marketplace

The non-fungible tokens (NFTs) craze continues to rise with transaction volumes in the first half of 2021 up by more than 25 times since December 2020.

In total, over $2.5 billion in NFT sales have been reported in H1, 2021. This is a massive increase of over $13.7 million in sales compared to 2020 for the same period, despite the May 2021 market drawdown.

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RECOMMENDED READINGNFT Transaction Volumes are Up Over 25x in the First Half of 2021

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