OpenSea is the latest crypto company to enter the venture capital space.
In an announcement on Friday, OpenSea, the provider of the NFT trading platform, announced that it will support companies and projects across the market, especially those specializing in non-fungible tokens and Web 3.0, by providing capital and access to, and collaborating with, leading companies and their investors. Examples of these companies are:
“Standard Crypto” and “a16z”.
The OpenSea ad also stated:
We hope OpenSea Ventures will provide Web 3.0 developers and NFT creators around the world with the resources they need to build new decentralized economies that give creators, developers, and consumers greater freedom and ownership.
OpenSea will join a number of crypto startups that have launched their own venture units, including Unicorns Alchemy and FTX, which have committed $2 billion to invest in new crypto companies.
As for the new branch, “OpenSea Ventures”, it will focus on four main axes:
- New NFT protocols.
- Social projects.
- gaming projects.
- NFT Communities.
The company added:
The new investment fund will be a way to kickstart community ideas and provide ongoing financial support for initiatives that we believe have the potential to expand the world of Web 3.0 and NFT.
OpenSea, which supports the exchange of NFT assets, has raised capital through fundraising campaigns over the past year, sending the company’s valuation soaring to more than $13 billion.
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