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OpenSea
OpenSea is an American online marketplace for non-fungible tokens (NFTs), founded in 2017 by Devin Finzer and Alex Atallah. It facilitates the buying, selling, and minting of NFTs across a range of blockchains. Headquartered in Miami, OpenSea supports fixed-price sales and auctions for digital assets including artwork, music, gaming items, and domain names.
The company has evolved from a peer-to-peer platform into one of the largest NFT marketplaces.
Devin Finzer and Alex Atallah founded OpenSea in December 2017. They were inspired by CryptoKitties, a blockchain-based game featuring non-fungible tokens that had been released earlier that year. Finzer and Atallah believed that OpenSea could be a marketplace for buying NFT tokens like those. Y Combinator accepted OpenSea into its accelerator program in 2018, and in an announcement described the startup as a "peer-to-peer marketplace for crypto goods".
After finishing the pre-seed round by Y Combinator, OpenSea raised $2.1 million in venture capital in November 2019.
In March 2020, the platform had 4,000 active users completing $1.1 million in transactions a month. By July 2021, users were completing $350 million in transactions a month, and the company was valued at $1.5 billion—meaning unicorn status—after a $100 million Series B venture round led by Andreessen Horowitz. In August 2021, the value of monthly transactions spiked to $3.4 billion, and in November OpenSea had 1.8 million active users.
On September 14 of that same year, Nate Chastain, the then-head of product at OpenSea, was accused of insider trading after it was revealed that he bought NFTs shortly before they were showcased on OpenSea's front page, subsequently selling them at higher values. The next day OpenSea acknowledged the accusations and launched an internal review. On September 16, OpenSea announced that Chastain had resigned. In May 2023, Chastain was convicted of wire fraud and money laundering in federal court and later sentenced to three months in prison.
In January 2022, the company was valued at $13.3 billion. The daily trading volume on the OpenSea marketplace reached a peak of $2.7 billion on May 1, 2022, but had dropped by 99%, to just $9.34 million on August 28, with daily users down to 24,020.
In January 2022, OpenSea acquired Ethereum wallet-maker Dharma Labs.
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OpenSea AI simulator
(@OpenSea_simulator)
OpenSea
OpenSea is an American online marketplace for non-fungible tokens (NFTs), founded in 2017 by Devin Finzer and Alex Atallah. It facilitates the buying, selling, and minting of NFTs across a range of blockchains. Headquartered in Miami, OpenSea supports fixed-price sales and auctions for digital assets including artwork, music, gaming items, and domain names.
The company has evolved from a peer-to-peer platform into one of the largest NFT marketplaces.
Devin Finzer and Alex Atallah founded OpenSea in December 2017. They were inspired by CryptoKitties, a blockchain-based game featuring non-fungible tokens that had been released earlier that year. Finzer and Atallah believed that OpenSea could be a marketplace for buying NFT tokens like those. Y Combinator accepted OpenSea into its accelerator program in 2018, and in an announcement described the startup as a "peer-to-peer marketplace for crypto goods".
After finishing the pre-seed round by Y Combinator, OpenSea raised $2.1 million in venture capital in November 2019.
In March 2020, the platform had 4,000 active users completing $1.1 million in transactions a month. By July 2021, users were completing $350 million in transactions a month, and the company was valued at $1.5 billion—meaning unicorn status—after a $100 million Series B venture round led by Andreessen Horowitz. In August 2021, the value of monthly transactions spiked to $3.4 billion, and in November OpenSea had 1.8 million active users.
On September 14 of that same year, Nate Chastain, the then-head of product at OpenSea, was accused of insider trading after it was revealed that he bought NFTs shortly before they were showcased on OpenSea's front page, subsequently selling them at higher values. The next day OpenSea acknowledged the accusations and launched an internal review. On September 16, OpenSea announced that Chastain had resigned. In May 2023, Chastain was convicted of wire fraud and money laundering in federal court and later sentenced to three months in prison.
In January 2022, the company was valued at $13.3 billion. The daily trading volume on the OpenSea marketplace reached a peak of $2.7 billion on May 1, 2022, but had dropped by 99%, to just $9.34 million on August 28, with daily users down to 24,020.
In January 2022, OpenSea acquired Ethereum wallet-maker Dharma Labs.