OpenSea launches venture arm, NFT ecosystem grant program

Capital Markets • February 11, 2022, 12:00PM EST
UPDATED: February 11, 2022, 11:12AM EST
The Block

OpenSea is the latest crypto company to enter the venture capital scene. 

In an announcement Friday, the NFT marketplace said that it will back companies and projects across the market for non-fungible tokens and Web3 by offering capital and access to its leadership and investors, including Standard Crypto and a16z.

"We hope that OpenSea Ventures will provide Web3 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," the firm said. 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

OpenSea joins a number of crypto startups that have launched their own venture units, including unicorns Alchemy and FTX. The latter has committed $2 billion to invest in new crypto startups. 

As for OpenSea Ventures, the new operation will focus on four main themes: new NFT protocols, social and gaming projects and NFT aggregators. 

OpenSea also announced a new "Ecosystem Grants" program. "We see Ecosystem Grants as a way to kickstart community ideas and provide ongoing financial support to initiatives that we believe have the potential to expand web3 and the NFT universe," the firm said. 

OpenSea — which supports the exchange of NFT assets — raised capital in a fundraise this year that valued the company at more than $13 billion. 

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

More by Frank Chaparro