OpenSea Is Now Gas-Free After the $100 Million FundRaising

OpenSea Is Now Gas-Free After the $100 Million FundRaising

OpenSea has now become one of the crypto unicorns after the announcement on Series B funding of $100 million and $1.5 billion valuations. It was led by Andreessen Horowitz, an American venture capital firm also known as a16z.

According to the post on July 20, it is officially announced that OpenSea has expanded its Blockchain support with Polygon. Along with $100M funding OpenSea is now gas-free for the time, allowing creators to fully earn their way into cryptocurrency.

Firms with a market capitalization of more than $1 billion are considered unicorns. Significantly, OpenSea now joins the list of cryptocurrency unicorns, including Coinbase, Animoca Brands, and Chainalysis, to name a few.

Coatue, a hedge fund, and private equity firm, participated in the fundraising, as did former Walt Disney president Michael Ovitz, actor Ashton Kutcher, and NBA star Kevin Durant. Although, the firm announced it is gas-free allowing users to fully earn their way.

Moreover, OpenSea intends to expand support for Dapper Lab’s Flow blockchain, as well as Tezos, in the future.

Growth of NFT

Since the Series A funding round in March of about $23 million, the NFT market has experienced significant growth. According to the Forbes report, it is stated that the funding will be used to expand the team, build additional cross-chain support, and improve user experience, but the firm has not stated explicitly.

Consequently, a general partner of Andreessen Horowitz, Kathryn Haun will be joining OpenSea’s Board Directors. Besides, the firm plans to launch other projects in the future to complement its NFT marketplace. Also, OpenSea states:

“Our overarching goal is to contribute to the development of systems and standards that enable the conversion of all types of digital wealth into forms that are truly ownable and freely exchangeable.”

Across the last 30 days, the OpenSea market has seen $181.92 million in volume from 553,000 transactions, according to DappRader data.

Since the start of this year, the records on NFT remains high. The world has submerged into the NFT market, infact NFT played a huge role in 2021. The NFT sale hit a record high in the first half of the year for nearly $2.5 billion. One prominent fact is that the market is witnessing a new release of NFT every week. It is obvious that investment in NFT is increasing, and the world is changing towards NFT.

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