Popular NFT marketplace OpenSea is launching an investment arm called “OpenSea Ventures.”
According to the company, OpenSea Ventures will develop the Web 3 ecosystem “through NFT, decentralized systems and other new uses of blockchain.”
OpenSea co-founder Alex Attalah will lead the venture fund. Among the key benefits for potential portfolio companies will be access to the site’s strategic partners, including Andreessen Horowitz (a16z), Standard Crypto, Animoca Brands and A Capital.
Along with venture capital, OpenSea is also launching grants called “Ecosystems Grants,” which will “focus on improving the skills of content creators, developers and stakeholders in the crypto community.”
In January, sales on OpenSea totaled more than $5 billion.
That same month, the company raised $300 million at a valuation of $13.3 billion.