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OpenSea

OpenSea

An online marketplace for buying and selling cryptocollectables. The company is located in New York City and was founded in 2017.

OpenSea is a company that participated in the YC W18 cohort of Y Combinator and raised an estimated $2,120,000.It is a peer-to-peer marketplace where goods such as gaming items, digital art, and other goods backed by a blockchain can be bought and sold.

Product

Users can create their own customizeable marketplace using the OpenSea software and set their own fees for their sales. The projects must be ERC-721 compliant to be sold in the marketplace. Users can create auctions for items with any cryptocurrency of their choice. They must submit a contract on the platform in order to get their auction started. The application programming interface can show users market data with statistics and insights in the form of graphs so that users can see how their digital assets are trending. Users can sell their assets in packs, airdrop rewards to customers if so desired, and create lootboxes.

There are more than three million digital assets on the platform and cryptocurrencies such as Ethereum are used for the exchanges. Sales are conducted through smart contracts on the platform and users can keep their commission after paying a fee to OpenSea.

Timeline

March 19, 2021
OpenSea, the marketplace for NFTs, has raised $23M in venture funding from investors that include Andreessen Horowitz, Naval Ravikant, Mark Cuban, Alexis Ohanian, Blockchain Capital, Kevin Hartz, Justin Kan, Dylan Field, Avichal Garg, Bill Lee, 1confirmation, Balaji Srinivasan, Tim Ferriss, Linda Xie, Standard Crypto, Regan Bozman, Pascal Capital, Ben Silbermann, and Belinda Johnson.

Fetcher.ai, the recruitment automation platform, has raised $6.5M in Series A funding from investors that include G20 Ventures, KFund, Accomplice, Slow Ventures.

2017
Founded by Alex Atallah, Devin Finzer in 2017, OpenSea has now raised a total of $27.2M in reported equity funding.

People

Name
Role
LinkedIn

Alex Atallah

Co-Founder and CTO

Devin Finzer

Co-Founder and CEO

Dylan Field

Investor

Further reading

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Companies

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News

Title
Author
Date
Publisher
Description
Zachary Small
April 28, 2021
www.nytimes.com
Auction sales show a schism in the market: speculative buyers flock to crypto art while blue-chip collectors hold back, fearing legal gray areas and copyright issues.
AlleyWatch
March 19, 2021
AlleyWatch
The Pulse of New York Tech
Lucas Matney
March 18, 2021
TechCrunch
OpenSea has been one of a handful of NFT marketplaces to explode in popularity in recent weeks as collectors wade into the trading of non-fungible tokens on the blockchain. While new startups have been popping up everyday, platforms that launched in crypto's earlier times are receiving rampant attention from investors who see this wave of [...]
Reuters
March 3, 2021
CTVNews
In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost US$67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million.

References

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