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OpenSea Reaches Unicorn Status With Valuation At $1.5 Billion

It seems like the slowed NFT (non-fungible token) activity has not kept this major NFT marketplace from reaching unicorn status.

OpenSea raised $100 million in a Series B investment round led by Andreessen Horowitz, bringing its valuation to $1.5 billion. The round is joined by newcomers such as investment management firm Coatue and Creative Artists Agency, as well as Ashton Kutcher, Kevin Durant and Shawn Mendes.

Kathryn Haun, the General Partner at Anderessen Horowitz, will be a part of the OpenSea’s board of directors.

The team at OpenSea realized early on the need for an open, cross-blockchain marketplace where anyone can buy, sell and create digital NFTs which is why they are one of the most important companies in crypto today. We are thrilled to double down on this team, their technology and overall vision, as they continue to provide the best user experience for today’s creators, buyers and sellers, in one platform.

 

Kathryn Haun, General Partner at Anderessen Horowitz

The funds will be used for the development of OpenSea’s new cross-blockchain support, user experience enhancement as more chains are supported, and team growth.

Moreover, OpenSea has announced that it will be providing support for Polygon and Klaytn blockchain and is planning to expand to Flow and Tezos much later.

Although the excitement for NFT has already simmered down some time ago, OpenSea’s newly acquired unicorn status is a sign that the NFT market is not dying anytime soon.

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