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Finance

OpenSea Expands Into the Venture Capital Business

OpenSea Ventures will be led by OpenSea co-founder Alex Atallah.

By Eli Tan
AccessTimeIconFeb 11, 2022 at 6:18 p.m. UTC
Updated May 11, 2023 at 5:58 p.m. UTC
(OpenSea/BeFunky, modified by CoinDesk)

Popular non-fungible token (NFT) marketplace OpenSea is launching an investment arm after raising $300 million at a $13.3 billion 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 the venture business, OpenSea is also launching Ecosystems Grants, which are “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, including Andreessen Horowitz (a16z), Standard Crypto, Animoca Brands and Kevin Hartz's A* Capital.
  • OpenSea saw more than $5 billion worth of NFTs traded on its platform in January, a new monthly record.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eli Tan
    Eli Tan

    Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

    Follow @elitanjourno on Twitter
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