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NFT Marketplace OpenSea Raises $100M in a Funding Round Led by Andreessen Horowitz 

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The world’s largest NFT marketplace, OpenSea has recently raised $100 million from industry investors in a recently-concluded Series B funding round led by leading American venture capital firm, Andreessen Horowitz.

Making NFT Trading Accessible to More Users

In an official press release published Wednesday, OpenSea noted that it will use the funds to expand its reach into several new international markets to make NFT trading accessible to more users.

The project also added that part of the funding will be used to scale its platform, focusing primarily on hiring new engineering talent to further establish its presence within the NFT space.

The funding round, led by Andreessen Horowitz, received support from several other investors including Coatue and CAA, along with Michael Ovitz, Kevin Hartz, Kevin Durant, and Ashton Kutcher. 

In a statement, Kathryn Haun, General Partner at Andreessen Horowitz, said: “The team at OpenSea realized early on the need for an open, cross-blockchain marketplace where anyone can buy, sell and create digital NFTs which is why they are one of the most important companies in crypto today.

We are thrilled to double down on this team, their technology, and overall vision as they continue to provide the best user experience for today’s creators, buyers, and sellers, in one platform.”

A $1.5 Billion Valuation

The fresh capital comes just a few months after the project received $23 million in a Series A funding round from several angel investors, including Mark Cuban and Ron Conway. With the new funding, OpenSea now has a market valuation of $1.5 billion.


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The platform is also set to become the first cross-blockchain NFT marketplace as it intends to launch official support for multiple blockchains. OpenSea currently supports several chains including Ethereum, Polygon, and Klaytn, with plans to add support for Flow and Tezos.

The NFT space has been witnessing explosive growth in recent months and this funding comes at a time when OpenSea is driving mainstream adoption.

As the largest NFT marketplace, OpenSea recorded a massive influx of investors on its platform. Just last month alone, it sold over $160 million worth of non-fungible tokens and saw its trading volume for the first half of 2021 experience a 45x increase. 

OpenSea CEO: NFT is the New Internet

OpenSea Chief Executive Officer (CEO) Devin Finzer believes non-fungible tokens are on their way to “becoming the new internet” as the adoption of crypto economies continues to grow. 

“We’re proud to be leading this growing industry that we have been part of for a long time. As we continue to scale, our focus will remain on our customers, and providing the best user experience and entry point into NFTs,” Finzer added.

Meanwhile, in another development, Enjin, the creator of the ERC-1155 token standard, became the first NFT platform to join the UN Global Compact in a move to use non-fungible tokens to promote sustainability and equality.

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Source: https://cryptopotato.com/nft-marketplace-opensea-raises-100m-in-a-funding-round-led-by-andreessen-horowitz/

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Tesla Reports $23 Million Impairment From Its Bitcoin Holdings

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Tesla, Elon Musk’s electric car manufacturer, released its quarterly earnings results, reporting more than $1 billion in profits for the first time since its launch.

It’s not all fun and games, though. To the delight of Elon’s crypto Twitter fans-turned-haters, Tesla’s investment in Bitcoin made it $23 million in losses after the markets crashed during the second quarter of 2021.

Oddly enough, the only mention of bitcoin appears in the “profitability” section of the report, mentioning the loss.

“Positive impacts were partially offset by growth in operating expenses including increased SBC, Model S/X ram (negative margin in Q2), additional supply chain costs, lower regulatory credit revenue, Bitcoin-related impairment of $23M and other items.”

Tesla Lost $23 Million… But Did It?

The $23 million loss might seem digestible considering Tesla invested about $1.5 Billion in Bitcoin. An almost 50% drop from its ATH could certainly trigger concern among investors, especially those who fear for a continuation of the downtrend that could accelerate upon Bitcoin’s drop below $30K.

However, this stat may be due more to the exploitation of a legal loophole than to an actual monetary loss.


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According to the US norms, accountants must record the value of their cryptocurrency investments at the time they are procured. If cryptocurrencies go up in price, nothing happens as long as the company hodl. The business only has to record the transaction in case of a sale. However, when prices go down, the company must record the decrease in its investment as an impairment charge.

Therefore, even though sales gains may be recorded, the tax incidence may be softened by the declines during the time the company hodled its tokens.This is due to the classification of cryptos as an “indefinite-lived intangible asset.”

In short, Elon haters probably don’t have much to celebrate, as it’s really all about a technicality… Although on second thought, $22 million seems like spare change for the world’s wealthiest man.

The Musk Effect

Tesla’s Bitcoin purchase was crucial to the Bitcoin price history.

After a brief exchange of tweets between Elon Musk and MicroStrategy CEO Michael Saylor, Tesla announced a massive purchase that put it on the podium of publicly traded companies with the most significant Bitcoin holdings.

As a result, the price of bitcoin skyrocketed at a frenetic pace, reaching an ATH in April 2021. At that point, Tesla had made more money with Bitcoin than it did with its entire car production.

However, another Tesla decision contributed almost decisively to killing this trend, driving bitcoin to its most significant decline since late 2017. The company’s announcement to stop taking payments in Bitcoin because of its environmental implications caused a panic in the markets that ended with a nearly 50% drop as the days passed.

However, recently Elon Musk acknowledged that Tesla could accept Bitcoin again if the network becomes environmentally friendly enough. After an online conference with the CEO of Twitter and a dose of optimistic rumors related to the possibility of Amazon accepting Bitcoin, cryptocurrencies had a significant rally today.

It seems that the “Musk Effect” is still alive after all.

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Source: https://cryptopotato.com/tesla-reports-23-million-usd-impairment-q2-2021/

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