‘Ebay for CryptoKitties’, OpenSea Raises $2 Million


San Francisco, California-based marketplace for crypto assets, OpenSea, has secured $2 million in financing. The seed equity round was led by 1confirmation. The other investors who participated include Blockstack, Stable Fund, Chermin Group, Coinbase Ventures, Blockchain Capital, Foundation Capital and Founders Fund. The funds that have been raised will be used to expand the development efforts of OpenSea.

Started at the beginning of the year by Alex Atallah, who is currently serving as the chief technology officer, and Devin Finzer, who is the company?s chief executive officer, OpenSea has unveiled a general marketplace which serves as a platform for the buying, selling and discovery of a wide range of crypto collectibles. This includes Etheremon, CryptoPunks, CryptoKitties, CryptoBots, Fishbank, ETH TOWN, CryptoFighters, EtherTulips, Cryptogs, Mythereum, DWorld, Chibi Fighters, CryptoSaga, CryptoRacing, CryptoCelebrities, CryptoSpaceCommanders, CryptoSaga Card, Ethmoji, ChainMonsters, CryptoSpaceCommanders, CryptoMasterpieces, CryptoAllStars, Gizer Item, and SuperRare.

Strong relationships

According to Finzer what has led to the success of OpenSea is the relationship the firm has built with the developers of crypto games. OpenSea has targeted games which don?t possess a built-in marketplace and this has proved to be a smart decision since a lot of game developers want to concentrate on development rather than building and operating a marketplace. Per Finzer the revenue-sharing model of OpenSea depends on how the duties on the marketplace are handled.

In the future OpenSea is looking to facilitate trading in items that transverse gaming universes. At the moment items from one centralized typically remain within that universe. There has already been an example of this with a new game known as KittyGame giving players the option of racing their CryptoKitties.

Negative technological benefits

However OpenSea has no intention of trading digital assets for physical cash and this is because the business is frowned upon. Additionally the firm says not many opportunities exist in the space since it might be hard to lure traditional gaming firms to transition to a blockchain. This is because moving a traditional game to a blockchain network currently has negative technological benefits.

Additionally OpenSea can serve a purpose that is larger than games and this includes software licenses. However games are currently the top income stream for OpenSea.

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