OpenSea Expands Into the Venture Capital Business

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.