NFT Platform OpenSea Moves Into Venture Capital
In a company blog post, leading non-fungible token (NFT) marketplace OpenSea announced the launch of an investment arm.
The firm that raised $300 million in January good for a company valuation of $13.3 billion said that OpenSea ventures is dedicated to growing the Web 3 ecosystem “through NFTs, decentralized systems and other novel blockchain uses”. Investments will focus on four main areas, the statement reads:
- The continued shift to a multichain world, both for fungible and non-fungible items
- Creating and supporting NFT-related protocols
- Social and gaming projects serving as distribution mechanisms for crypto and NFT elements
- The emergence of NFT aggregators and analytics supporting activity on OpenSea and other NFT marketplace platforms
The venture fund will be headed by OpenSea co-founder Alex Attalah. Some of the benefits for 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.
“Aimed at elevating creators, developers, and passionate community members working to enrich and expand the NFT ecosystem,” OpenSea is also launching Ecosystems Grants.
Grants will be provided across three main categories:
- Usability and tooling: Improving the user experience of buying, selling and transferring NFTs, as well as tooling that empowers and unlocks creativity for NFT creators.
- Community Education: Resources and support to onboard and educate new users to make NFTs and web3 more approachable.
- Accessibility and inclusivity: Creating a space where all individuals have access to the opportunity and promise of NFTs.
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Source: igaming
