Bringing on additional strategic investors to OpenSea

We’re excited to announce that OpenSea has received a strategic investment of $2.1M from Animoca Brands, gumi Cryptos, Stanford StartX, and David Pazdan from MetaMask. Many of our existing investors also contributed alongside these strategic partners, include 1Confirmation, Blockchain Capital, Brad Flora from YC, and Dylan Field from Figma. A huge thank you to our new investors and those who continue to support OpenSea!

The journey so far

We started building OpenSea in late 2017, shortly after CryptoKitties took the crypto community by storm. The concept of “cats on the blockchain” confused many, but for some it sparked interest in a new type of digital asset. This asset is commonly referred to as the “non-fungible token” (NFT). NFT’s have brand new properties: they’re unique, provably scarce, liquid, and usable across multiple applications.

A robust, user-friendly marketplace seemed like a necessity for the growth of the NFT — so we built OpenSea. As more projects started experimenting with blockchain-based assets, many of them needed a user-friendly, out-of-the-box marketplace. Users and developers have grown to rely on OpenSea as their go-to marketplace. Last month, we hit a milestone of $1.8M in monthly volume on our marketplace, totaling over $7M since we started. Today, 7 of the top 10 NFTs are powered entirely through OpenSea.

Inspiration from the JPEG

On an a16z podcast, Chris Dixon likened cryptocurrencies to file formats. The internet has had payment APIs for over 20 years (think PayPal, Stripe, BrainTree). But these payment rails are simply wrappers on top of legacy financial systems. Their clean API docs hide the clunky underlying payment rails that fundamentally limit developers’ design space.

On the other hand, a file format like a JPEG is native to the digital world: a JPEG shows up on nearly any computer, phone, or on the web, can be opened up, resized, and edited easily, and sent anywhere via e-mail, text message, or the sneaker net. There’s no Stripe API in between you and the JPEG.

We think NFT’s will become native to the internet: a basic programmable primitive that can be employed for a variety of use cases. Owning an NFT, displaying an NFT, auctioning an NFT, using an NFT should all be simple interactions for both developers and users that work anywhere.  

Slowly but surely, we’re making progress towards that vision. In 2017, a developer building NFTs had to build every piece of the experience, from displaying the NFTs to transferring them around. Today, when a developer launches a new NFT project, their users can immediately trade items on a marketplace using stable currencies, show off their items in a plethora of different wallets, display their items in multiple virtual worlds, create algorithmic central banks for instant liquidity, and enable second-layer games. Additionally, the core blockchain developer toolset has expanded: with hosted node providers, better analytics tools, and innovation in layer one and two protocols.

All this is to say that blockchain-based assets are becoming a more robust, reliable building block of a brand new digital world. What’s confusing to some is that in isolation, they look a lot like traditional assets: users interact them on existing platforms like smart phones or web browsers (or virtual reality headsets for the more adventurous). But the underlying coordination layer provided by a blockchain gives NFTs emergent properties that we believe will take the world by surprise in the coming years.

This is why we’re particularly excited about teams that embrace openness and collaboration (as opposed to clinging to existing patterns of monolithic, closed platforms). We’re excited about Animoca’s investments in the space, recently running the F1 Delta Time auctions on OpenSea and building The Sandbox, and Gumi Crypto’s investments in the leading blockchain games in Japan. At OpenSea, we believe the design space for blockchain-enabled applications is wide and still largely unexplored — an uncharted ocean full of treasure and mystery. Terrible puns aside, if you’d like to join us, jump into our Discord server and send us a message or subscribe to our mailing list!

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Now open! Our marketplace for Gods Unchained Cards

We’re excited to announce that Gods Unchained cards are now listable on OpenSea!

For those of you who are new to the blockchain gaming space, Gods Unchained is one of the most anticipated blockchain games since CryptoKitties. Gods Unchained is a free-to-play, turn-based competitive trading card game in which cards can be bought and sold on the open market. Players use their collection to build decks of 30 cards, and select a God to play with at the start of each match. The goal of the game is to reduce your opponent’s life to zero.

Since cards are truly owned by the players (they’re etched into the Ethereum blockchain), they’re a lot like physical trading cards: they can be thrown away, gifted to a friend, or (most exctingly) sold on open marketplaces like OpenSea. On OpenSea, cards can be sold for a fixed price, auctioned, or sold in bundles. And excitingly, that world of card trading is ready for exploration! To put an item on sale, simply go to your account page, click the item you’d like to sell, and hit the “sell” button. Start browsing the marketplace here.

Important note: if you’ve listed Gods Unchained cards previously on OpenSea, you’ll need to relist your cards due to the Gods Unchained smart contract migration. Since this is the final version of the contract, any cards you list now will be purchasable very soon, once the Gods Unchained team unlocks trading.

If you’re just starting to navigate the world of open marketplaces, here are a few reasons to list your cards for sale on OpenSea:

Get exposure on the largest digital asset marketplace

OpenSea is currently the largest and most powerful marketplace for unique digital assets on blockchain. With over $7M in transaction volume, thousands of traders are using our marketplace to buy and sell hundreds of different types of digial assets, including Cheeze Wizards, ENS names, and MyCryptoHeroes items. This means that your listings will get more exposure than they would on a smaller, more isolated marketplace.

Sell cards in bundles

If you’ve got a dozen cards that you want to sell all together for a single price, you can list the cards all as a bundle. Plus, it’s gasless! Just set your total price and the quantity you want to sell, then sign the listing with your wallet. Learn more about our bundle feature here.

To create a bundle, simply go to the “Account” dropdown and select “Sell a bundle”.

Sell in any token

On OpenSea, you’re welcome to sell in ETH, but you can also sell in other tokens as well. Want to list a card in a stable coin like DAI or USDC to ensure the price of the underlying currency doesn’t fluctuate? Simply choose one of these tokens from the dropdown when selling an item.

Auction your card to the highest bidder

Think you’ve got a particularly rare card but not sure how to price it? Try out our English auction system, which works a lot like eBay! Just choose the minimum amount you’d like to accept, and let buyers compete to win your item. For extremely valuable cards, this can be a very compelling way to find the best price for your item.

Want to try a different auction mechanic? Give our “Dutch auction” feature a try. With Dutch auctions, you set a starting price, ending price, and duration. The price of the item will decline over the specified duration, at which point anyone can purchase it. Of course, if any of those options are too complex, you can simply list a card fo a fixed price!

Accept bids for your cards, or bid on other players’ cards

Not sure how to price your card? You don’t have to! Other users can bid on a card (even if it’s not on sale!) without any action from its owner. The owner can immediately fulfill these bids, receiving WETH in exchange for the item. But act quickly — other holders of the token can fulfill the offer, too!

See a card you’re interested in? Simply place a bid, even if the card isn’t already on sale. If the user visits their item on OpenSea . If the user has an OpenSea account, they’ll get an email. Learn more about our bidding feature here.

Interested in joining the discussion? To see what else is brewing in the world of NFTs, join us over at the OpenSea Discord server.

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Knight Story supporter badge sale launches on OpenSea

We’re excited to announce that the Knight Story supporter badge sale is live on OpenSea! Knight Story is an innovative mobile RPG powered by blockchain. The game is the second title of Biscuit; developed EOS Knights, the legendary blockchain game.

Check out the sale here.

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