Non-fungible token

OpenSea surpasses a total valuation of $13.3 BILLION

Reportedly, Devin Finzer, the Co-Founder of OpenSea – said that his company aims to become the world’s most amiable and most relied NFT marketplace with the finest selection.

OpenSea’s valuation increased by $13.3 billion by a $300 million Series C funding round. The fund round was led by hedge fund Coatue and cryptocurrency venture firm Paradigm.

Investors fund capital mainly into startups and flourishing businesses in Series C rounds. They hope to receive back more than double the amount invested. Series C funding is concentrated on scaling the business, expanding as fast and successfully as possible.

To say, OpenSea was worth $1.5 billion only half a year before. Back then, the greatest American venture capital enterprise – Andreessen Horowitz – led a $100 million Series B funding round.

Despite a few high-profile user errors, the company has been swift in progress. According to recent reports, the NFT marketplace logged 1.6 million Ethereum transactions and a trading volume of $2.4 billion for tailored profile pics and other digital assets.

“Devin and Alex have demonstrated true spirit over the past four years, enduring uncertainty and adhering to their concept of NFTs as an internet and world-changing element,” Paradigm Managing Partner Fred Ehrsam informed CoinDesk through email.

Investors such as Coatue and Paradigm led the C fund. OpenSea represented them as “wonderful partners, philosophers, and creators” that have the capability to bring “finest in class customer experiences.”

The NFT marketplace pledged that it would distribute the $300 million investment into four classes:

Enhance product development.
Improve customer support.
Invest in the broader NFT and Web3 ecosystem.
Develop its team.

First, the company plans to enhance product development. For this, they have already hired Shiva Rajaraman as its new VP of Product.

Second, OpenSea promised to enhance its customers’ support policy. “We have presently expanded our client trust and security groups to more than 65 individuals and hope to double that group by the end of 2022,” Finzer disclosed.

Third, the firm wants to fund in the broader NFT ecosystem. It added that in Q1 2022, it intends to launch a grant scheme that would allow direct aid for developers, creators, and builders, redefining the destiny of the non-fungible token ecosystem.

Lastly, OpenSea will welcome people who want to become part of the rising NFT universe. “We couldn’t be more enthusiastic about the upcoming journey,” Finzer concluded that they would cherish the 600x increase, which his company acquired in trading volume in 2021.

About OpenSea

OpenSea is an online marketplace for non-fungible tokens. It was founded by Devin Finzer and Alex Atallah in New York on December 20, 2017. We all know, OpenSea labels itself as the largest market for digital goods. Except for digital art, there are collectibles, domain names, game items, and even digital replicas of physical assets. Basically, OpenSea is similar to eBay, with millions of goods classified into hundreds of varieties.

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Cardano network reaches 2M wallets as it prepares to scale activities with Hydra upgrade

In a recent tweet posted on Monday, the Cardano Foundation has declared that the number of ADA wallets have now surpassed the 2 million mark and this is very exciting news for the company and its supporters. By May, 2021, the network had already reached a milestone of 1 million ADA wallets.

It is during that period that the Cardano network successfully conducted the popular Alonzo Hard Fork, which enabled the use of smart contracts on the platform. In the meantime, Charles Hoskinson, the co-founder of Cardano Foundation has shifted his focus to increase the adoption of blockchain technology in the continent of Africa. Last week, he had announced through a twitter post that 5 million students in the country of Ethiopia are on their way to receive digital IDs. These IDs will be linked to their academic records which are also based on the Cardano blockchain.

Their technological development is gathering pace after Alonzo, with Hydra, their layer two scaling solution. These operate on top of an established solution in order to improve performance of the network. However, in the context of Cardano, sharding involves channeling the number of transactions off the chain and shifting them towards staking pools, or the nodes of Hydra. Following this will not even partition the ledger itself. In theory this means, the Cardano network will be able to conduct a million transactions per second.

Robinhood and Burger King collaborate to serve crypto in the market

Back in 2017 the popular fast food brand Burger King had dipped their toes in the world of cryptocurrencies with the introduction of a certain “Whoppercoin” in Russia. Even though today the coin is technically not around, it can still be traded, although it has been mostly forgotten by people.

pic.twitter.com/hdwNTz8p3p

— Burger King (@BurgerKing) November 1, 2021

Now in 2021, the brand is back in the game and there is a lot of competition as well with meme coins like Dogecoin and Shiba Inu dominating the market. As per Burger King, in order to receive coins, consumers will have to open an account on the Robinhood crypto exchange platform, where they will be able to claim a single prize every day.

The company added that as a brand, their intention is to reward their most loyal customers in ways that are exciting, unique and most importantly, culturally relevant. They further added that they are aware of the dominating presence of cryptocurrencies in our society at present, but since it may not be easy for many people to understand. Hence they want to make their customers familiar with the idea of crypto in innovative and inventive ways, through their food.

NFTs on Quentin Tarantino’s “Pulp Fiction” are on their way with a twist

Major names in the industry of traditional entertainment are dabbling in the world of Non Fungible Tokens or NFTs, which has taken the global art and collectible market by storm. This week, legendary film director Quentin Tarantino has joined the club as NFTs on his iconic debut film “Pulp Fiction” are announced to be released soon.

The NFTs will be released on The Secret Network Blockchain and will consist of some of the footage of the film that has never been seen before. The only thing that separates these NFTs from the general NFTs that hit the market, is the fact that these NFTs cannot be accessed by the general public. This is because the nature of the Blockchain allows it to be so.

According to the latest announcement on the website of the Blockchain, these will be the first of its kind NFTs that will be launched on the Blockchain. There will be a total of seven NFTs which will include original handwritten scripts from the film along with on set audio commentary by none other than Tarantino himself. However, as the name suggests, the NFTs will be ‘secret’ so that only the owner can view them.