Blockchain-based marketplace for crypto goods
According to its LinkedIn page, OpenSea is the first and largest peer-to-peer marketplace for crypto goods (a crypto equivalent of eBay for crypto assets), which include collectibles, gaming items, and other virtual goods backed by a blockchain. Anyone can buy or sell these items through a smart contract on OpenSea. The team who develops the platform claims to have backgrounds from Stanford, Palantir, and Google. The project itself is funded by various investors including YCombinator, Founders Fund, Coinbase Ventures, 1Confirmation, and Blockchain Capital.
According to Crunchbase, OpenSea has raised a total of $4.2M in funding over 3 rounds. The latest funding round was finished on November 19, 2019, as a seed investment round. There are at least 15 investors who funded OpenSea, with Gumi Cryptos Capital and Blockchain Capital as the most recent investors. OpenSea also did an acquisition, acquiring Atomic Baazar on December 13, 2018. There are two key members, including co-founder Alex Atallah.
Based on their website explanation, OpenSea supports crypto-collectibles and non-fungible tokens (NFT’s), including ERC721 and ERC1155 assets. Users can trade crypto goods such as Axies, ENS names, CryptoKitties, Decentraland, and more. Anyone can use the platform and use any web3 supported wallet to pay and save their assets. Developers can use the API from OpenSea protocol to develop their own store, pull market data to create new services, and collaborate with OpenSea Studios to build their own in-game assets marketplace.