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OpenSea

OpenSea

OpenSea is an online marketplace for buying and selling cryptocollectibles. The company is located in New York City and was founded in 2017.

OpenSea is an online peer-to-peer marketplace where non-fungible tokens (NFTs) in the form of gaming items, digital art, and other goods can be bought and sold. It was founded by Devin Finzerand Alex Atallah in New York on December 20, 2017.

Product creation

Users can create their own customizable 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 to get their auction started. The application programming interface can show users market data with statistics and insights in the form of graphs so 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.

Integrations

In April 2022, Solana NFTs were added to OpenSea. An official teaser hinting at the coming support was posted before NFTs minted on the Solana blockchain network became available for trading on OpenSea. Major Solana NFT collections such as Degenerate Ape Academy, Solana Monkey Business, DeGods, Aurory, and Shadowy Super Coder became available on OpenSea.

Timeline

April 2022
Solana support becomes live on OpenSea in beta mode.
January 5, 2022
OpenSea i valued at $13.3 billion in a new round of venture funding.
January 4, 2022
OpenSea raises a $300,000,000 series C round from Coatue Management, Kathryn (Katie) Haun, Sequoia Capital and Seth Weinstein.
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.
July 20, 2021
OpenSea raises a $100,000,000 series B round from Andreessen Horowitz, Ashton Kutcher, Coatue Management, Connect Ventures, Creative Artists Agency, Dylan Field, Kevin Hartz and Thirty Five Ventures.
March 18, 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 19, 2019
OpenSea raises a $2,100,000 seed round from 1confirmation, Animoca Brands, Blockchain Capital, Dylan Field, Gumi Cryptos Capital and StartX.
May 10, 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 4, 2018
OpenSea raises a $120,000 pre-Seed from Y Combinator.
December 19, 2017
OpenSea was founded by Alex Atallah and Devin Finzer.

Funding Rounds

Patents

Further Resources

Title
Author
Link
Type
Date

|The complete guide to opensea - from beginner to pro CRYPTUS

Web

January 16, 2022

10 tips for avoiding scams & staying safe | OpenSea Tips & Tricks

Web

October 1, 2021

How to Install a Crypto Wallet | OpenSea Beginner Tutorial

Web

July 1, 2021

How to sell NFT ART for beginners - Opensea.io walkthrough - NFT Art marketplace

Web

March 21, 2021

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 [...]
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References

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