Announcing our $100M raise, led by a16z
A paradigm shift
It’s becoming increasingly clear that blockchains represent one of the most exciting paradigm shifts in the history of technology. Just as the Internet transformed the global distribution of information, so blockchains will reimagine the global distribution of value. But the question has always been: how exactly will this happen? Just as the Internet’s killer apps (like web pages and instant messaging) were difficult to predict early on, so too the killer applications for blockchains may be yet unimagined.
At OpenSea, we believe NFTs are emerging as one of the first consumer-oriented killer applications for blockchains. NFTs are a simple primitive for digital goods (think digital art, game items, domain names, and more) with brand new properties: they’re unique, provably scarce, liquid, user-owned, and usable across multiple applications. NFTs represent the building blocks for brand new peer to peer economies, where users have greater freedom and ownership over their data, and developers can build powerful, interoperable applications to provide real economic value to users.
From information transfer to value transfer
OpenSea’s immediate mission is to build the best possible marketplace for NFTs, and today we are proud today to remain the largest and most powerful NFT marketplace. But our broader mission is to help create the systems and standards that enable the conversion of all types of digital wealth into forms that are truly ownable and freely exchangeable. In other words, OpenSea’s broader mission is to turn the internet from an information transfer machine into a value transfer machine.
To further this mission, we’re announcing our $100M raise led by a16z, with participation from Coatue, along with Michael Ovitz, Kevin Hartz, Dylan Field, Kevin Durant, Ashton Kutcher, and Tobi Lutke. A huge thank you to a fantastic group of investors.
A multi blockchain future
As NFTs enter mainstream awareness, the technology underlying them is also evolving: the last few years witnessed a Cambrian explosion of new blockchains and scaling solutions. Today we’re officially announcing cross-blockchain support, starting with a gas-free marketplace on the Polygon blockchain*. Buyers no longer have to pay blockchain fees when making trades on OpenSea, and creators can fully earn their way into crypto for the first time. Try it out here.
Today’s consumer internet feels stale. Market share has largely consolidated around just a few companies, with business models that rely on storing proprietary user data in the cloud. NFTs represent a new renaissance in the consumer Internet, and it’s a perfect time to join the ground floor. If you’re interested in a role at OpenSea, we are hiring across the board. We couldn’t be more excited about the journey ahead, and we hope you’ll join us.
*Note: we no longer cover gas fees for these transactions, please visit this post for more information.