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OpenSea

OpenSea

OpenSea is 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

July 20, 2021
OpenSea raises $100,000,000 in a Series B round led by Andreessen Horowitz with participation from Creative Artists Agency (CAA), Michael Ovitz, Kevin Durant and Ashton Kutcher
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.

March 2021
OpenSea raises a $23,000,000 series A round from Andreessen Horowitz, Justin Kan, Kevin Hartz, Linda Xie, Mark Cuban, Metapurse, Naval Ravikant, Pascal Capital, Regan Bozman, Standard Crypto and Tim Ferriss.
November 2019
OpenSea raises a $2,100,000 seed round from 1confirmation, Animoca Brands, Blockchain Capital, Dylan Field, Gumi Cryptos Capital and StartX.
May 2018
OpenSea raises a $2,000,000 seed round from 1confirmation, Andrew Vigneault, Blockchain Capital, Brad Flora, Coinbase Ventures, Foundation Capital, Founders Fund, The Chernin Group and The Stable Fund.
January 2018
OpenSea raises a $120,000 seed round from Y Combinator.
2017
Founded by Alex Atallah, Devin Finzer in 2017, OpenSea has now raised a total of $27.2M in reported equity funding.

Funding rounds

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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Documentaries, videos and podcasts

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Companies

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News

Title
Author
Date
Publisher
Description
Sarah Perez
September 18, 2021
TechCrunch
Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile OS news, mobile applications and the overall app economy. The app industry continues to grow, with a record 218 billion downloads and $143 billion in global consumer spend in 2020. Consumers last year also spent 3.5 trillion minutes using apps on Android devices [...]
Amanda Silberling
September 17, 2021
TechCrunch
It's a big day for the Amazon of the decentralized internet -- OpenSea now has an app for iOS and Android. For most companies, having a mobile app is a milestone you'd reach before hitting a $1.5 billion valuation. But like any store -- whether you're selling NFT art or not -- there's a hefty [...]
BBC News
September 16, 2021
BBC News
An employee was accused of buying digital art that would later be promoted on the homepage.
Lucas Matney
September 15, 2021
TechCrunch
The "eBay of NFTs" is running into a scandal as it admits one of its employees traded the crypto digital assets using insider information from the platform. Yesterday, a top executive at NFT platform OpenSea was accused of front-running sales on the platform, purchasing pieces from NFT collections before they were featured on the homepage [...]
Lucas Matney
August 28, 2021
TechCrunch
Hello friends, and welcome back to Week in Review! Last week we dove into Bezos's Blue Origin suing NASA. This week, I'm writing about the unlikely and triumphant resurgence of the NFT market. If you're reading this on the TechCrunch site, you can get this in your inbox from the newsletter page, and follow my [...]
Reuters
August 25, 2021
The Hindu
Rising cryptocurrency prices may have also played a role in the surge. NFTs are often valued in ether, which has risen around 23% in August.
Michael McSweeney
July 21, 2021
The Block
A startup that's using non-fungible tokens to represent digital racing horses has raised a $20 million Series A round.
Priyanka Pani
July 20, 2021
Crowdfund Insider
NFT marketplace Opensea raises $100 million in a Series B round led by Andreessen Horowitz at $1.5 billion, as per a TechCrunch report.
Saniya More
July 20, 2021
The Block
As a result of this new funding round, the non-fungible token digital marketplace has now reached unicorn status.
FinSMEs
July 20, 2021
FinSMEs
About | Advertise | Contact | Disclaimer | News | The Daily Deal Newsletter FinSMEs.com by FinSMEs is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
Lucas Matney
July 20, 2021
TechCrunch
It's been a wild 2021 for NFT auction marketplace OpenSea. The startup was exceedingly well-positioned in a niche space when NFTs exploded earlier this year seemingly out of nowhere. Since then, the startup has found its user base expanding, the total volume of sales skyrocketing and more investor dollars being thrown at them. The startup [...]
IMVU, Inc.
June 9, 2021
www.prnewswire.com:443
/PRNewswire/ -- Following a successful fashion and non-fungible token (NFT) showcase ahead of the Memorial Day Weekend, viewed around the world, leading friend...
Unstoppable Domains
May 26, 2021
www.prnewswire.com:443
/PRNewswire/ -- Blockchain domain name provider Unstoppable Domains today announced it will support Covid relief in India through the sale of the premium...
IXOmusic
May 21, 2021
www.prnewswire.com:443
/PRNewswire/ -- NFTs' are popping up everywhere on the OpenSea marketplace, one of the biggest platforms that sell "non-fungible token" or NFTs. A phenomenon...
Toy Mint Corporation
May 8, 2021
www.prnewswire.com:443
/PRNewswire/ -- TOYMINT, a Vancouver-based toy startup, launched today their first line of premium collectible toys with a twist - you can only get a toy if...
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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