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What You Need to Know About OpenSea

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OpenSea plays an important role in the modern world. It is the largest marketplace for non-fungible tokens (NFTs) in the world.

Devin Finzer and Alex Atallah launched OpenSea in 2017. At its outset, it was a marketplace that operated solely on the Ethereum blockchain. Presently, they operate on many more, including Ethereum, Polygon, Solana, and Klatyn. Furthermore, OpenSea has grown to become the most prominent digital marketplace for digital collectibles and other NFTs.

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At the moment, it has more than 200 employees, hundreds of thousands of users, two million collections, more than 80 million NFTs, and more than $20 billion in trading volume.

It is a relatively new company that was created in response to newer technology known as NFTs. It is worth pointing out that non-fungible tokens are digital assets that have a unique identification tag on a public ledger, allowing anyone to track or claim ownership of a digital asset.

OpenSea was founded as a direct response to this new reality when the NFT collection CryptoKitties was first launched. This consumer-facing project motivated the founders of OpenSea, to begin working on a platform to facilitate the transactions of this new technology.

In the last month of 2017, OpenSea Beta was launched. In the beginning, the company only operated on the Ethereum blockchain but began expanding its offerings as NFT technology became more common with other tokens. With its launch in 2017, the company became the first open marketplace for NFTs on the Ethereum blockchain.

OpenSea and its history

As stated above, OpenSea Beta officially went live in December 2017. After months of founding, the company’s founders announced and launched the platform, albeit in an early beta stage. Even though NFT technology was new and relatively unheard of, OpenSea became the first real player in the game and the only NFT marketplace on Ethereum.

In 2018, the company opened a pre-see round of funding. One of the earliest investors in OpenSea was Y Combinator, an American tech setup investment firm. It has invested money into other notable platforms, including Airbnb, Stripe, DoorDash, and others.

In 2019, the company began official funding rounds, acquiring more than $2 million through various funds and angel investors. By the end of the year, the platform was well-established, cash infused, and ready for NFTs to become more mainstream.

Also, the company continued to expand its operations in 2020. It launched its minting platform. In order to create an NFT, digital assets must be “minted” and assigned a unique ID from a blockchain. The minting platform on OpenSea was launched and allowed people to create, upload, as well as mind their own NFTs, totally free of charge.

Last year, the company saw massive growth and the further expansion of its platform. In March, it announced that future NFT collections wouldn’t require approval. While this move allowed the rapid growth of the platform, it also permitted plagiarism to proliferate on the platform. In September, the Android as well as iOS applications for OpenSea were widely released. By the end of the last year, OpenSea had raised more than 100 million in funding.

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