OpenSea expands into venture capital business
The popular marketplace for non-interchangeable tokens ( NFT ) OpenSea is launching an investment arm after raising $300 million at a valuation of $13.3 billion in January.
OpenSea Ventures is developing the Web 3 ecosystem "through NFT, decentralized systems and other new uses of blockchain," the company said in a blog post.
Along with the venture business, OpenSea is also launching Ecosystems Grants, which "aim to elevate creators, developers and passionate community members working to enrich and expand the NFT ecosystem."
The venture fund will be led by OpenSea co-founder Alex Attalah.
In January, more than $5 billion worth of NFTs were sold on the OpenSea platform, a new monthly record.
