Venture capital company Andreessen Horowitz (a16z) and Dallas Mavericks owner Mark Cuban rely on OpenSea, a leading marketplace for buying and selling non-fungible tokens (NFTs).
In one ExplanationOpenSea CEO Devin Finzer says the startup raised $ 23 million in its Series A funding round, with a16z leading the pool of investors.
Newly discovered NFT and crypto attorney Mark Cuban, whose NBA franchise recently announced support for the meme cryptocurrency Dogecoin (DOGE), is also investing in the NFT project. Cuban and a16z are joined by the former CEO of AngelList, Naval Ravikant, the investor and lifestyle guru Tim Ferriss, the American DJ 3LAU, Adam Goldberg’s Standard Crypto and others.
The announcement comes as OpenSea is seeing massive growth amid the skyrocketing popularity of NFTs – digital goods such as works of art, parcels of virtual land, and collectibles with unique cryptographic properties that can be verified on the blockchain.
The startup says its transaction volume has grown 100x in the past six months as creators, musicians, artists, influencers, and gamers jumped into NFTs. Sales of digital goods in the market rose from $ 8 million in January to $ 95 million in February.
A16z sees OpenSea as eBay and Amazon for non-fungible tokens. says the general partner of the venture company, Katie Haun.
“OpenSea makes NFTs searchable, usable, and organized. But it goes further and offers a marketplace that brings all platforms together and simplifies transactions between all parties, just like eBay and Amazon do. Given the importance of that consumer tier in such a rapidly growing area, it’s no surprise that OpenSea’s growth has not been in the charts, with transaction volume up 100x in the past six months. “
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Selected image: Shutterstock / collectivedesignhouse