Non-Fungible Token Marketplace OpenSea Receives Massive Support From VC Worth $23 Million

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The news really cannot be bigger as the A16z, also known as Andreessen Horowitz, revealed the firm is winning the funding round worth $23 million for OpenSea, a well-known marketplace for the NFTs.

Based on the recent announcement made, angel investors Tim Ferris, Ron Conway, Belinda Johnson, Ben Silberman, Naval Ravikant, Mark Cuban, and many others participated in the funding round.

Katie Haun, the general partner at Andreessen Horowitz, who made the announcement, has praised the move iterating that the platform gives the much-needed link between the infrastructure layers for digital products and the customers.

She added that the link is allowing people to search for the items all across the available platforms and to view their provenance.

Massive Growth in the World of Crypto Collectibles

If 2020 was tagged the year for the outbreak and adoption of Decentralized Finance (DeFi), then definitely, 2021 should be tagged the year for the non-fungible tokens, having seen the sale of the Beeple’s EVERYDAYS: THE FIRST 5000 DAYS with a record-breaking price of close to $70 million at the Christie’s Auction House.

The growth is acknowledged by the venture capital firm stating that:

“As of today, there is a record of over 3 million non-fungible tokens for sale. And the volume of the sales has grown more than 400 times year in year out to about $100 million in a week. The NFTs are already finding root in the mainstream industry and audiences, and this implies that the new economy founded around digital ownership is rising.”

The statement added that OpenSea had become a one-stop marketplace to search, discover, purchase and sell any non-fungible digital token while giving you adequate information about a certain NFT.

Andreessen Horowitz, also known as A16z, which has in time past invested in the likes of Maker DAO, Coinbase, and even more recently in Optimism – the Ethereum Layer 2 scaling solutions provider, added to the statement:

“The growth of OpenSea, which has been ‘off the charts is no surprise with the volume of the transaction having risen over 100 times in the past half a year.”

More news around the Non-Fungible Tokens

NFTs are now becoming a strong competition to the decentralized finance protocol considering the headlines as the hysteria continues.

But lately, according to a recent report, the tax authorities in the United States have been noting the NFTs for taxation purposes.


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