I'm a reporter on Forbes' wealth team covering the world's richest people and tracking their fortunes. I was previously an assistant editor for Forbes' Money & Markets section, and I worked for Bloomberg and Pitchbook News before that. I studied history and economics at the University of Virginia, where I also wrote for the student paper and a very secretive underground satire magazine.
by auctioning off high-end digital art. By July, OpenSea had closed a $100 million funding round led by venture capital firm Andreessen Horowitz and recorded about $350 million worth of transactions that month. The next month, transactions hit $3.4 billion—a staggering ten-fold increase that earned the company $85 million in revenue from commissions.
The NFT market cooled off slightly in the months that followed, before heating up again in December. OpenSea , generating about $82.5 million in revenue for itself. Today, the company employs more than 70 people. . CEO Finzer grew up in the Bay Area, studied at Brown University and took a job as a software engineer at Pinterest. In 2015, he cofounded his first startup, a search engine called Claimdog, before selling it to Credit Karma a year later for an undisclosed sum. Colorado-born Chief Technology Officer Atallah proved to be a spreadsheet whiz from a young age.
In January 2018, the duo teamed up for the Y Combinator startup accelerator with an idea for paying users crypto to share their Wi-Fi hotspots. But CryptoKitties—the cartoonish virtual cats that were among the earliest examples of NFTs—captured their imagination.Since its start, OpenSea has raised more than $420 million from investors, according to data from PitchBook. The $300 million series C haul announced Tuesday was led by venture capital firms Paradigm and Coatue.
OpenSea faces heightened competition, including from crypto giant Coinbase, which in October announced plans to launch its own NFT exchange. Critics have also called out the potential for fraud and scams in the NFT world. In September,
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