OpenSea, a fast-growing NFT marketplace, recently disclosed it had raised a $100 million Series B funding round led by Andreessen Horowitz a venture capital firm based in Silicon Valley, giving it a $1.5 billion valuation.
The funding amount further gives OpenSea a unicorn status. Other investors in the round include Kevin Hartz, Coatue, CAA, Kevin Durant, Michael Ovitz, and Ashton Kutcher.
The New York-based blockchain marketplace has become the largest digital marketplace for non-fungible tokens and crypto collectibles.
OpenSea sells NFTs, a uniquely identifiable digital object that can be verified through the blockchain (the open-source and secure digital ledger behind crypto assets). These types of tokens can usually constitute artworks, music, or video clips.
With this capital, the crypto unicorn can continue to scale its NFT ecosystem with an urgent focus on expanding internationally to new markets, hiring engineering talents, and overall making its ecosystem more engaging for users in buying and selling digital assets with ease.
OpenSea also announced artists, buyers, and sellers will no longer have to pay Ethereum transaction fees (gas) on its marketplace.
Consequently, in the company's recent blog post, the billion-dollar start-up also officially revealed its expanded-blockchain support, beginning with a gas-free marketplace on Polygon, a layer 2 Ethereum scaling solution.
Users will no longer have to pay Ethereum gas fees when making transactions on OpenSea, with creators earning their way into digital assets for the first time.
In the month of June, the company sold $160 million in digital assets on its NFT platform as it experienced a 45X surge in volume growth during the first half of this year from just $8 million in sales in January.
Data collated from DappRader show OpeanSea posted about $182 million worth of volume from 553,000 transactions over the past month.