OpenSea Expands Into the Venture Capital Business

OpenSea Expands Into the Venture Capital Business
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OpenSea Expands Into the Venture Capital Business

Popular NFT marketplace OpenSea is launching an investment arm after raising $300M at a $13.3B valuation in January.

  • OpenSea Ventures is dedicated to growing the Web 3 ecosystem “through NFTs, decentralized systems and other novel blockchain uses,” said the company in a blog post.
  • Alongside, OpenSea is also launching Ecosystems Grants, “aimed at elevating creators, developers, and passionate community members working to enrich and expand the NFT ecosystem.”
  • The venture fund is to be led by OpenSea co-founder Alex Attalah. Among key selling points for potential portfolio companies will be access to the company’s strategic partners, a16z, Standard Crypto, Animoca Brands, and Kevin Hartz among them.
  • OpenSea last month closed a funding round, raising $300 million at a $13.3 billion valuation. The marketplace saw more than $5 billion worth of NFTs traded on its platform in January, a new monthly record.
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