Andreessen Horowitz leads $23M spherical for NFT market OpenSea

Andreessen Horowitz leads $23M round for NFT marketplace OpenSea

OpenSea, one of many largest digital collectible marketplaces, has secured backing from enterprise capital agency Andreessen Horowitz, or a16z, and others in a brand new funding spherical.

According to Andreessen Horowitz, the agency is leading a $23 million Series A spherical for OpenSea alongside a16z’s Cultural Leadership Fund, in addition to angel buyers Ron Conway, Mark Cuban, Tim Ferriss, Belinda Johnson, Naval Ravikant, Ben Silberman, and others.

“OpenSea makes NFTs searchable, usable, and arranged,” stated a16z common companion Katie Haun. “But it goes additional and offers a market that brings all platforms collectively and eases transactions amongst all events, the best way eBay and Amazon do.”

The enterprise capital agency cited OpenSea’s progress in its choice to again the non-fungible token, or NFT, market, saying it had been “off the charts” within the final six months, with transaction quantity having grown 100-fold. In addition, a16z praised {the marketplace}’s management, together with CEO Devin Finzer and CTO Alex Atallah.

As one of many first enterprise capital companies to enter the area, Andreessen Horowitz has invested in quite a lot of crypto tasks thus far, together with Libra, Maker DAO, and Coinbase. Last month the agency backed Optimism’s L2 scaling answer.

This story is growing and shall be up to date.

Published at Thu, 18 Mar 2021 16:26:27 +0000