OpenSea

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

January 5, 2022

OpenSea Valued at $13.3 Billion in New Round of Venture Funding

January 4, 2022

OpenSea raises a $300,000,000 series C round from Coatue Management.

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.

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 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.

2017

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

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People

Name

Role

Alex Atallah

Co-Founder and CTO

https://www.linkedin.com/in/alexatallah/

Devin Finzer

Co-Founder and CEO

https://www.linkedin.com/in/dfinzer/

Dylan Field

Investor

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This Week in Apps: Apple's iPhone event, App Annie hit with securities fraud, OpenSea goes mobile

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 [...]

OpenSea released an app -- but it's for browsing, not buying and selling

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 [...]

OpenSea admits insider trading of NFTs it promoted

BBC News

September 16, 2021

BBC News

An employee was accused of buying digital art that would later be promoted on the homepage.

OpenSea admits incident as top exec is accused of trading NFTs on insider information

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 [...]

CryptoPunks blasts past $1 billion in lifetime sales as NFT speculation surges

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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