NFT Market Exploding Again – Blockchain World

The NFT market is exploding again. Its largest market, OpenSea, is now valued at $13.3 billion.

Big investment in OpenSea

As the largest market for NFTs on the Ethereum blockchain, OpenSea is at the forefront of an explosive market. If the NFTs are successful, OpenSea will also win strong. OpenSea now also supports Polygon as a layer 2 solution for Ethereum and the Klaytn-independent blockchain.

OpenSea announced yesterday that it has received a new funding boost of $300 million. The platform was valued at $13.3 billion. The investments come from venture capital firms Paradigm and Coatue.

Katie Hawn, a board member of Coinbase and HackerOne, has also co-funded with her KRH fund. It holds an open seat on the OpenSea board.

OpenSea itself makes it clear that investment is urgently needed in order to be able to implement new products and hire new employees. Users expect a completely new experience.

We want to be the target of this new economy. We will lower the barriers to entry into the world of NFTs in the new year.

CEO Devin Finzer says: In association with tweet It confirms the impression that OpenSea would like to support more blockchains in the future. The scope was not expanded to two new blockchains until July, making significantly cheaper trading with NFTs possible in the first place.

Ethereum has always had problems with scalability. This is also evident in OpenSea. Even when minting a coin – ie when creating an NFT – the user has to pay a high fee. For many users, this principle is already unimportant.

OpenSea doubles in value in a year and a half

In its latest funding in July 2020, OpenSea raised $100 million and had a relatively paltry valuation of $1.5 billion. It’s been nearly a year and a half since then and the estimated value of the company has increased nearly ninefold.

So far, the market has not had to attach much importance to advertising. With big projects like CryptoPunks or Bored Ape Yacht Club, OpenSea is a sure hit. Group PR campaigns like BAYC also work for OpenSea.

It is disputed whether NFTs actually have the value they are currently trading for. The feeling often arises that this is a rising mood for a gold rush. Critics suspect that NFTs are sparking a bubble that will eventually burst.

The second most expensive NFT of all time is currently at $29 million, as we reported in November. The artist himself has already sold the most expensive NFT for almost $70 million. For artwork, these prices are generally astronomical.

These prices are questionable, especially on the Internet. In contrast to the physical world, the original and copy cannot be distinguished here at least apart from the blockchain.

Buy Eminem NFT

NFTs are not only recognized by tech-savvy speculators. Recently, rapper Eminem purchased a BAYC monkey dedicated to him.

Based on the human role model, users call the monkey EminApe. Monkey hand changed for 123.45 Ethereum. This equates to about $462,000.

Anyway, BAYC President thanks Eminem for his enthusiasm. Because the truth is that Eminem decorates his Twitter account with this similarity. The Monkey wears gold chains and an olive-colored baseball cap, just like Eminem does.

Fellow Eminem Snoop Dogg is already a huge fan of digital art in the form of NFTs. According to his statement He is the well-known NFT collector Cozomo de Medici. Since August, the collector has gained notoriety for acquiring multi-million dollar NFTs. His collection currently includes 467 artworks.

Leonard is a strong cryptocurrency enthusiast. As a friend of self-determination, he sees cryptocurrency as a valuable asset. He is particularly excited about secret cryptocurrencies.

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