CryptoGoods Marketplace OpenSea Secures $2 Million to Expand Development
OpenSea, a marketplace for buying and selling CryptoGoods has secured $2 million USD in funding to expand its development efforts. Contributors to the round included Founders Fund, 1confirmation, Foundation Capital, Blockchain Capital, Coinbase Ventures, Chernin Group, Stable Fund, and Blockstack.
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Was the Launch of CryptoKitties the Start of a New Industry in Digital Collectibles?
You may recall when CryptoKitties, the Ethereum-based game where you could collect and breed digital cats, launched. The game instantly became a huge hit, generating so many transactions that it affected the entire network.
At its peak, CryptoKitties accounted for up to 30 percent of transaction volume on the Ethereum network, and there were many people who were actually concerned that the collectible cats could choke the Ethereum network entirely.
As of the time of writing, there have been more than 288,500 unique CryptoKitties sold, accounting for more than $24 million. Given that these items are considered collectibles, they command premium prices, with some digital cats having sold for hundreds of thousands of dollars. For example, Genesis, one of the earliest CryptoKitties, sold for 246 ETH (More than $115 thousand at the time.)
Are Digital Collectibles Going Mainstream?
As a sign of the growing mass interest into digital collectibles, NBA Superstar Stephen Curry has recently entered into a deal to create three different Stephen Curry-branded CryptoKitties. This move will enable CryptoKitties to widen the circle of people who participate in digital collectibles, and will no doubt help expand the category further into the mainstream. Along with the Stephen Curry cats, CryptoKitties has also established a partnership with AppMoji, a leader in authenticated digital collectibles.
These high profile moves by CryptoKitties have not gone unnoticed, and the company Axiom Zen game studio raised $12 million in funding.
Enter OpenSea – a Decentralized Marketplace to Buy, Sell, and Discover Rare Digital Items
OpenSea is a digital peer-to-peer marketplace, similar to Craigslist or Ebay, but decentralized and focused exclusively on cryptogoods.
When you visit the site, you have the option to view all the digital assets across a wide range of categories, which include not only CryptoKitties but more than 25 other asset types.
OpenSea boasts a “vast ocean” of more than 700,000 digital collectibles, and they claim to have processed more than 500 ETH in transaction volume since January 2018.
With the growing interest in digital collectibles, and now $2 million in new funding to help fund its expansion plans, OpenSea is a player to be on the lookout for. The company has made tools and an OpenSea API available for developers.
Do you think Digital Collectibles and CryptoGoods are a good investment? Would you be willing to pay thousands of dollars for a digital asset that is not a bitcoin? Sound off in the comments section below.
Images via Maxpixel, OpenSea