With this fundraising, OpenSea will continue to scale its NFT marketplace by hiring new talent and expanding on a global level into new markets.
The new funding follows OpenSea’s most recent funding round of $23 million, also led by a16z, which was announced back in March.
In general, there has been more headlines and adoption of NFTs as consumers want to purchase digital goods. NFTs are a simple primitive for digital goods like digital art, game items, domain names and more, while providing brand new properties, OpenSea wrote.
In June, Binance launched its NFT marketplace with an auction featuring works from Andy Warhol and Salvador Dali, Blockworks reported.
“NFT technology has revolutionized the world of art for good, bringing the concept of digital ownership to life for the very first time,” Binance said in the press release.
The Sandbox led the way with the highest land trading volume of close to USD 86.6m, followed by Decentraland which generated more than USD 15.5m in land plot NFTs, as indicated by data from the report.
CryptoVoxels and Somnium Space spurred about USD 2.7m and USD 1.1m in digital land sales, respectively.
Five of the ten most expensive land plot NFT sales from last week were of metaverse land plot NFTs in different virtual worlds, DappRadar said.
“The top grosser was the Fashion Street Estate in Decentraland, which switched owners for 618.000 MANA, or [USD] 2.42 million,” the company said.
This has led DappRadar to the conclusion that, without doubt, “metaverse land is the next big hit in the NFT space,” stating:
“Outputting record sales numbers and constantly increasing NFT prices, virtual worlds are the new top commodity in the crypto space.
Nov 1 (Reuters) – The Sandbox, a Hong Kong-based gaming platform that allows users to build a virtual world using non-fungible tokens (NFTs), has raised $93 million from investors led by SoftBank’s Vision Fund 2, the company told Reuters on Monday.
The latest fund raising came a little over a year after its last round, as the company saw fast growth in monthly active users and crossed $144 million in transaction volume on the platform. It also marks Vision Fund 2’s first investment in a company that issues its own cryptocurrency.
The Sandbox, majority-owned by blockchain gaming developer Animoca Brands, allows players to build, own, and monetize their virtual gaming experiences on the Ethereum blockchain.
The rise of ecommerce has made it possible for SMBs to sell online and reach customers around the globe. But they still have to produce and ship physical goods, which can have high upfront costs.
How are you and your partners at Visa thinking about this space?
Sheffield: From a commercial perspective, NFTs are gaining momentum as digital-first sports memorabilia.
With platforms like NBA Top Shot, fans can collect and display their favorite game “moments.”
We expect a huge range of new cases in the years ahead.
Sotheby’s auction house has had a “historic” year and, in part, credits “the meteoric rise of NFTs” for its record-breaking sales, according to its annual report sent to Blockworks on Wednesday.
The centuries-old institution has netted $100 million from sales of the blockchain-based digital collectibles, according to the report.
Sotheby’s earned a total of $6 billion from its auctions so far in 2021, up 71% on the year. Dubbing its performance as “the strongest total in [the] company’s 277-year history,” the auction house has seen a surge of new bidders this year, specifically in its non-fungible token (NFT) sales, according to data in the report.
Over 50% of NFT bidders were under 40 and 78% had never before participated in its auctions.
Sports leagues are drawn to the technology for this reason, and some league commissioners predict NFTs would help reinvent ticketing models.
Candy Digital will run its NFT products on the Ethereum blockchain and compete with Dapper Laps in the sports NFT space. In 2018, the Canada-based company leveraged digital collectibles by creating the National Basketball Association’s product.
Sales around NBA Top Shot skyrocketed last February, and earlier this month, NBA Commissioner Adam Silver said Dapper renewed licensing rights with the league. Dapper also lured the National Football League rights last September.
After multiple raises this year, Dapper’s valuation increased to more than $7 billion.
Candy Digital is betting its exclusive Major League Baseball agreement will produce similar results.
MLB gave Candy Digital its entire digital catalog.
Candy Digital would make money from transaction fees.
Candy Digital said the funds would be used to scale the business and hire more employees. In addition, Candy Digital said it would roll out a beta version of its platform that features moments from the 2021 MLB postseason and upcoming World Series.
Fanatics is the majority owner of Candy Digital, and Mike Novogratz, founder of crypto merchant bank Galaxy Digital, also owns a stake. The company’s board members are Novogratz, Fanatics Chairman Michael Rubin and investor Gary Vaynerchuk. Candy Digital’s CEO is Scott Lawin.
The wave of attention towards virtual worlds like The Sandbox and Decentraland started with Facebook’s rebranding to Meta.”
Meanwhile, digital asset investment firm Grayscale argued in a recent report that Metaverse could become “a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization,” but it did not specify the time frame within which this growth could take place.
Michael Gord, COO at the virtual real estate company Metaverse Group, told The New York Times that skeptics should take account of the trends catalyzed by the ongoing pandemic, and that it was “inevitable that the metaverse will be the No. 1 social network in the world.”
“Imagine if you came to New York when it was farmland, and you had the option to get a block of SoHo,” Gord said.
We’re excited to work with this growing community to make NFTs useable and accessible in a variety of contexts.
Lastly, we wanted to collect an NFT that symbolizes the excitement and opportunity of this particular cultural moment. We’re a company steeped in the history of commerce and payments — but with our eyes on the future.
With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.
What excites you about NFTs?
Sheffield: NFTs have the potential to become a powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce. NFTs are starting to usher in a new form of social commerce that empowers both creators and collectors.
NFTs could also fuel small and medium sized businesses (SMBs) in powerful new ways.
Sotheby’s enjoyed a record year in 2021, helped by its foray into nonfungible tokens.
The almost 300-year-old auction house reported $100 million in sales off its new NFT category, with first-time bidders flocking to its virtual Decentraland gallery and seeking out Bored Ape Yacht Club and CryptoPunk collectibles, according to a year-in-review report published Wednesday.
The launch of Sotheby’s Metaverse — a web3-enabled NFT marketplace — helped draw a wider audience this year with 78% of NFT bidders at auction being new to Sotheby’s and more than half under 40 years of age, its report showed.