Top NFT exchange OpenSea launches a Venture Capital

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Top NFT exchange OpenSea launches a Venture Capital
15 Feb 2022
5 min read

News Synopsis

One of the top NFT exchanges, OpenSea will launch an investment arm, marking its first foray into venture capital. OpenSea Ventures will be led by OpenSea co-founder Alex Atallah and will focus on investments in themes like blockchain technology, social and gaming projects that will support NFT distribution along with the emergence of NFT aggregators and analytics that support the NFT marketplace.

Potential portfolio companies will have access to its strategic partners, including Andreesen Horowitz and Standard Crypto. The move follows the Fried Crypto exchange of Sam Bankman, FTX, which launched a $2 billion venture capital fund last month. The blockchain developer Alchemy also unveiled a venture capital arm of its own in support of Web3 technologies in December.

Along with OpenSea Ventures, the company is creating Ecosystem Grants to kickstart community ideas and provide ongoing financial support to Web3 technologies. The NFT exchange also raised $300 million in a funding round that boosted its valuation by 800% to $13.3 billion.

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