Will this new funding round pave the way for OpenSea to become the Amazon of NFTs?
OpenSea, one of the largest digital collectible marketplaces, has secured backing from venture capital firm Andreessen Horowitz, or a16z, and others in a new funding round.
According to Andreessen Horowitz, the firm is leading a $23 million Series A round for OpenSea alongside a16z’s Cultural Leadership Fund, as well as angel investors Ron Conway, Mark Cuban, Tim Ferriss, Belinda Johnson, Naval Ravikant, Ben Silberman, and others.
“OpenSea makes NFTs searchable, usable, and organized,” said a16z general partner Katie Haun. “But it goes further and provides a marketplace that brings all platforms together and eases transactions among all parties, the way eBay and Amazon do.”
The venture capital firm cited OpenSea’s growth in its decision to back the non-fungible token, or NFT, marketplace, saying it had been “off the charts” in the last six months, with transaction volume having grown 100-fold. In addition, a16z praised the marketplace’s leadership, including CEO Devin Finzer and CTO Alex Atallah.
As one of the first venture capital firms to enter the space, Andreessen Horowitz has invested in a variety of crypto projects so far, including Libra, Maker DAO, and Coinbase. Last month the firm backed Optimism’s L2 scaling solution.
This story is developing and will be updated.