After $100M funding OpenSea is the new crypto unicorn

OpenSea  declared expanded support with Polygon, and noted that “Buyers now do not have to pay blockchain fees once creating trades on OpenSea.”

OpenSea has become the most recent crypto unicorn when it declared a $100 million Series B funding stage led by venture capital firm Andreessen Horowitz at a valuation of $1.5 billion.

The unicorn status  is attributed to companies that are valued at over $1 billion, and OpenSea currently joins an extended list of crypto unicorns like Coinbase, Animoca Brands and Chainalysis to name a couple of.

The raise enclosed participation from hedge fund and personal equity firm Coatue, in conjunction with backing from figures like former film producer president Michael Ovitz, actor Ashton Kutcher and NBA star Kevin Durant.

In a July 20 journal post, aboard the $100M funding  OpenSea conjointly formally declared expanded-blockchain support, beginning with a “gas-free” marketplace on Polygon, a layer 2 of Ethereum scaling solution.

“Buyers now do not have to pay blockchain fees once creating trades on OpenSea, and creators will totally earn their approach into crypto for the first time,” the firm disclosed.

According to TechCrunch, OpenSea is also about to expand support to natty Lab’s Flow blockchain in conjunction with Tezos within the future.

The latest funding round shows vital growth for one among the highest NFT marketplaces within the business and follows on from its $23 million Series A funding round  in March, which was jointly led by Andreessen Horowitz.

OpenSea specifically didn’t ensure what the funds would go toward, however a Forbes report declared the funds are accustomed to growing the team, building additional cross-chain support, and rising user expertise. Kathryn Haun, a general partner at Andreessen Horowitz also will be a one  of OpenSea’s board of directors.

OpenSea conjointly titillated that it’s ambitions to launch alternative projects to accompany its NFT marketplace in the future:

“Our broader mission is to help create  the systems and standards that enable the conversion of all sorts of digital wealth into forms that are really ownable and freely exchangeable.”

Despite a general relaxation of promotional material towards the NFT over the past few months, Cointelegraph reported on July 7 that NFT sales within the half of 2021 flat-top $2.5 billion.

According to information from DappRader, the OpenSea marketplace has seen $181.92 million value of volume from 553,000 transactions over the past thirty days.