• Home
  • Contact Us
  • Privacy & Policy
Friday, August 12, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Block chain

Breaking Down OpenSea’s $23 Million Raise in NFT Boom

by admin
March 24, 2021
in Block chain
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter




As one of the first NFT-centered open marketplaces on the web, OpenSea has enjoyed a surge in popularity as collectors and speculators alike latch onto the red-hot trading of non-fungible tokens. From a startup that launched nearly 4 years ago at the advent of early-NFTs (i.e. Ethereum-based CryptoKitties), the company has now grown to sell digital assets ranging from digital art, gaming items to even domains. 

“Creators, musicians, artists, influencers, and gamers are diving headfirst into NFTs. Hundreds of thousands of new users are discovering, collecting, curating, and trading NFTs on open marketplaces.”

Today, OpenSea announced that the platform had secured $23 million in Series A funding led by venture capital firm a16z with further backing from investors including Mark Cuban, Dylan Field, Lina Xie and Naval Ravikant. In the announcement, CEO Devin Finzer claimed that “transaction volume on the OpenSea NFT marketplace has grown over 100x” in the past six months. The Series A funding will likely allow the startup to expand its services to accommodate an explosive growth in user demand. 

Is NFT a Fad or Here to Stay? 

Throughout 2021, NFTs have certainly enjoyed their fair share of the limelight, as prestigious auction houses facilitated million-dollar digital artwork sales and Elon Musk tweeted out NFT memes. Just last week alone, an NFT of Beeple’s Everydays – The First 5,000 Days sold at Christie’s for $69.3 million dollars. 

This enthusiasm was largely accompanied by major cryptocurrencies like Bitcoin and Ethereum rallying to record-highs, creating new crypto millionaires with money to spend.

Whether the NFT craze can continue its spree remains to be seen. As the investing hype inevitably cools down, the market for these non-fungible tokens may largely depend on further adoption from entertainment and gaming giants. 

Many skeptics have also questioned whether the exorbitant prices of some NFTs are justified. If organic demand dries up, marketplaces like OpenSea may be left questioning the importance of building a user base of collectors over one of speculators and scalpers. 

Featured image from UnSplash


<

Tags: boomBreakingmillionNFTOpenSeasRaise
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022

Tornado Cash’s Website Goes Dark

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0

Tornado Cash’s Website Goes Dark

August 12, 2022

Pharma stocks crater as investors brace for billions in heartburn drug litigation charges

August 12, 2022
A $66 Slump Could Follow Oil’s Ironic Rebound – Action Forex

A $66 Slump Could Follow Oil’s Ironic Rebound – Action Forex

August 12, 2022

Stock Market Today – 8/12: Stocks Cautiously Higher As Inflation Concerns Fade

August 12, 2022

Recent News

Tornado Cash’s Website Goes Dark

August 12, 2022

Pharma stocks crater as investors brace for billions in heartburn drug litigation charges

August 12, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.