Navigating the uncharted waters of non-fungible tokens
Non-Fungible Token (NFT) is generally a one-of-a-kind, or at least one of a very limited run, digital asset with unique identifying codes that represent real-world objects like music, videos, art and ‘in-game items’.
They are bought and sold online frequently with cryptocurrency and are built with the same underlying programming as many cryptos.
Initially launched in 2017, OpenSea is the first open marketplace for any non-fungible token on the Ethereum blockchain and to this day remains the largest general marketplace for user-owned digital items.
It supports multiple blockchains with the broadest set of categories and the best prices for new emerging digital item classes.
Popular NFT Collections featured on the platform include Bored Ape Yacht Club, CryptoPunks, Azuki, Art Blocks Curated and The Sandbox available to more than 600,000 users
According to the latest reports, the total value of all NFT transactions worldwide jumped 21,350% to more than US$17 billion in 2021, from $82.5 million in 2020 (A record-breaking US$3.4bn monthly traded volume was transacted on OpenSea in Aug 2021)
Series C in January 2022 raised $300 million in fresh capital led by venture capital firms Paradigm and Coatue, valuing the company at US$13.3 billion, up 10x from the startup’s US$1.5 billion valuation in July 2021.