Venture capital firms invest in NFT marketplace OpenSea
The non-fungible token (NFT) marketplace OpenSea is booming and this has attracted the interest of several venture capital firms. Andreessen Horowitz has now launched a funding round of more than 23 million US dollars – several big names in the crypto scene are on board.
OpenSea is the largest digital marketplace for NFT. According to Dune Analytics, the trading volume on OpenSea has increased 100-fold in the last six months alone. On the platform, anyone can create, sell and buy their own non-fungible tokens. In addition, you can find out Bitcoin Bank everything about certain non-fungible tokens on OpenSea. For example, the origin, the sales history, the type of NFT and information about artists can be easily summarised on OpenSea. For this reason, the marketplace is often referred to as the Amazon of digital collectibles.
OpenSea makes NFT searchable, usable and organised
But it goes even further. The marketplace provides a platform that brings all the information about NFT together in one place, just like Amazon or eBay, for example.
Given OpenSea’s importance to the NFT space, it comes as little surprise that Andreessen Horowitz has launched a funding round of over $23 million for the marketplace. Well-known investors participating in the funding round include angel investors Ron Conway, Mark Cuban, Tim Ferriss and Ben Silberman.
Andreessen Horowitz not only NFT investor
In the past, Andreessen Horowitz has not only invested in the NFT space, but rather the firm has invested primarily in other infrastructure projects in the crypto space. For example, the venture capital firm is one of the early investors in Coinbase, Diem and Maker DAO. In recent months, however, the venture capital firm has mainly invested massively in Ethereum Layer 2 scaling solutions. Among other things, Andreessen Horowitz raised around 25 million US dollars in a financing round for Optimism, which offers Layer 2 scaling solutions for Ethereum.