OpenSea is an american on-line non-fungible token ( NFT ) market headquartered in New York City. The company was founded by Devin Finzer and Alex Atallah in 2017. [ 2 ] OpenSea offers a marketplace allowing for non-fungible tokens to be sold directly at a fix price, or through an auction, based on the Ethereum ERC-721 standard, the layer-2 scale solution for Ethereum Polygon, the KIP-7 standard for Klaytn, and the SPL standard for Solana. [ 3 ] In 2021, following a intensify interest in non-fungible tokens, the company ‘s gross reached $ 95 million in February 2021 and $ 2.75 billion in September of that year. By January 2022, the ship’s company had been valued at $ 13.3 billion and has been considered the largest non-fungible token marketplace. [ 4 ] [ 5 ]
Reading: OpenSea – Wikipedia
history [edit ]
After a 2018 pre-seed polish by Y Combinator, OpenSea raised $ 2.1 million in guess capital ( including from Animoca Brands ) in November 2019. [ 6 ] [ 7 ] In December 2020, OpenSea announced that any user can mint NFTs on its platform for exempt. subsequently, in March 2021, OpenSea announced NFT collections would no long need OpenSea ‘s previous approval to be listed. This decisiveness was by and by criticized for allowing rampant NFT plagiarism on the chopine. [ 8 ] On September 17, 2021, OpenSea released an app for Android and io. The app allows for browsing the market, but not buying or selling NFTs. [ 9 ] [ 10 ] The same calendar month, OpenSea admitted that an employee engaged in insider trade. OpenSea ‘s Head of Product hoarded NFTs fair before they were featured in the home page. [ 11 ] In January 2022, Twitter announced that it would use OpenSea ’ s API to let people create hexangular shaped profile pictures of their NFTs. [ 8 ] That calendar month, OpenSea acquired Ethereum wallet-maker Dharma Labs, [ 12 ] > and OpenSea reimbursed users about $ 1.8 million after a user interface bug allowed users to buy more than $ 1 million worth of NFTs at a deduction. [ 13 ] [ 14 ]
Read more: Coin rotation paradox – Wikipedia
On January 27, 2022, OpenSea announced it would limit how many NFTs a user can create using the free mint creature. [ 15 ] The come day, OpenSea reversed the decision following exploiter backlash and by and by admitted that 80 % of NFTs created with the tool were plagiarism or spam. [ 16 ] [ 17 ] On February 19, 2022, some users began to report that some of their NFTs disappeared. OpenSea late revealed a phishing attack had took place on its platform via an overwork in the Wyvern Platform. The caller denied rumors the reservoir of the larceny was their web site, its listing systems, emails from the party, or an upgrade compress arrangement. [ 18 ] On February 20, 2022, news report alleged that $ 1.7 million in NFTs had been stolen in the phishing fire. [ 19 ] In March 2022, OpenSea announced that it would block accounts subject to United States sanctions. [ 20 ]
In April 2022, OpenSea gave users the ability to buy and sell popular Solana NFTs on OpenSea ‘s Solana beta. This sport was announced back in November 2021. On April 25, 2022, OpenSea announced the acquisition of the NFT market collector company Gem.xyz. [ 21 ]
Funding [edit ]
| Date | Amount (millions of $) |
From | Notes |
|---|---|---|---|
| 2018[6] | Y Combinator | Pre-seed round | |
| November 2019[6] | 2.1 | Multiple sources | |
| March 2021[22] | 23 | Andreessen Horowitz, others | Series A |
| July 2021[23] | 100 | Andreessen Horowitz, others | Series B; valued at $1.5 billion |
| January 2022[24] | 300 | Paradigm and Coatue Management, others | Valuation at $13.3 billion |
Attacks on the platform [edit ]
In the mid of February, 2022, The Verge reported that hundreds of NFTs were stolen from OpenSea users causing a huge panic among the platform community. [ 25 ] The estimated value of the stolen tokens is more than $ 1.7 million. According to OpenSea, only 32 users had been affected. The platform ‘s vulnerability poses a deeper interview relating the security infrastructure of the existing NFT ecosystem .
