OpenSea Raises $23 Million Series A to Scale its NFT Marketplace

The non-fungible token (NFT) market keeps growing in popularity and adoption with every proceeding day. So many digital creations are being listed and traded on different NFT marketplaces as more people join the frenzy. 

In preparation for more traders to come, one of the leading NFT marketplaces, OpenSea, has raised US$23 million in a Series A funding round. The objective is to expand its operation, according to the co-founder and CEO, Devin Finzer. 

OpenSea Prepares for NFT Boom

Following the announcement, the funding round was led by Andreessen Horowitz, a crypto-friendly venture capital company based in the United States. Naval Ravikant, Dallas Mavericks owner Mark Cuban, Belinda Johnson, Ben Silbermann, and some other big-name angel investors also participated in the investment round.

OpenSea is looking to scale up its marketplace, as it believes that billions of people will be introduced to digital ownership in the coming years. 

Interest in NFTs is Increasing Rapidly

Launched in late 2017, the NFT marketplace already sees an increase in trading and new digital art listing. In the report, Finzer revealed that more than 20 million non-fungible tokens have been listed for trading on OpenSea. The NFT transaction on the marketplace increased by 100x over the last six months. 

“We’ve had the fortune to work with hundreds of projects and creators: from game companies to digital artists to musicians to professional athletes. The world is waking up to the power of this technology, and it’s happening quite suddenly,” Finzer wrote.

Recently, Crypto News Australia reported that the term “NFT” reached a peak of popularity, following the search interest on Google. The non-fungible tokens had the most search interest, compared to other crypto-related terms like Blockchain, DeFi, and Cryptocurrency.