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 immediately at a fixed price, or through an auction, based on the Ethereum ERC-721 criterion, the layer-2 scaling solution for Ethereum Polygon, the KIP-7 criterion for Klaytn, and the SPL standard for Solana. [ 3 ] In 2021, following a sharpen interest in non-fungible tokens, the ship’s company ‘s gross reached $ 95 million in February 2021 and $ 2.75 billion in September of that year. By January 2022, the company had been valued at $ 13.3 billion and has been considered the largest non-fungible token market. [ 4 ] [ 5 ]
After a 2018 pre-seed round by Y Combinator, OpenSea raised $ 2.1 million in venture capital ( including from Animoca Brands ) in November 2019. [ 6 ] [ 7 ] In December 2020, OpenSea announced that any drug user can mint NFTs on its platform for free. belated, in March 2021, OpenSea announced NFT collections would nobelium long need OpenSea ‘s former approval to be listed. This decision was later criticized for allowing rampant NFT plagiarism on the platform. [ 8 ] On September 17, 2021, OpenSea released an app for Android and io. The app allows for browsing the marketplace, 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 just 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 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 ]
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On January 27, 2022, OpenSea announced it would limit how many NFTs a exploiter can create using the rid mint joyride. [ 15 ] The follow day, OpenSea reversed the decision following exploiter backfire and late 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 position on its platform via an feat in the Wyvern Platform. The company denied rumors the source of the larceny was their web site, its listing systems, emails from the ship’s company, or an upgrade compress system. [ 18 ] On February 20, 2022, news report alleged that $ 1.7 million in NFTs had been stolen in the phishing attack. [ 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 democratic Solana NFTs on OpenSea ‘s Solana beta. This feature of speech was announced back in November 2021.
On April 25, 2022, OpenSea announced the skill of the NFT marketplace collector company Gem.xyz. [ 21 ] In June 2022, former OpenSea product coach Nathaniel Chastain was charged with cable imposter and money laundering in joining with an insider trade scheme of digital assets. [ 22 ] [ 23 ]
(millions of $)
|2018||Y Combinator||Pre-seed round|
|November 2019||2.1||Multiple sources|
|March 2021||23||Andreessen Horowitz, others||Series A|
|July 2021||100||Andreessen Horowitz, others||Series B; valued at $1.5 billion|
|January 2022||300||Paradigm and Coatue Management, others||Valuation at $13.3 billion|
Attacks on the platform
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 residential district. [ 27 ] The estimated value of the stolen tokens is more than $ 1.7 million. According to OpenSea, lone 32 users had been affected. The chopine ‘s vulnerability poses a deeper question relating the security infrastructure of the existing NFT ecosystem .