More money is being poured into crypto cats.
Well, cats, and the slew of other non-fungible digital items made possible by new token standards, such as ethereum's ERC-721. And these crypto collectibles now have a home in OpenSea, a marketplace for allowing users to buy and sell these items - an Ebay for CryptoKitties if you will.
Coming out of Y-Combinator last winter, OpenSea today announced a $2 million seed equity round led by 1confirmation, with participation from a series of other high-profile crypto investors, including Founders Fund, Foundation Capital, Blockchain Capital, Coinbase Ventures, Chernin Group, Stable Fund and Blockstack.
"When CryptoKitties came out, it was this exciting, mainstream, fun use case for blockchain," Devin Finzer, co-founder of OpenSea, told CoinDesk.
Indeed, the ethereum-based decentralized application for buying, selling and breeding digital cats was a quick hit within the community, launching in November last year and peaking in December, when the game nearly brought the ethereum blockchain to a halt as it tried to deal with a significant increase in transactions.
Many concluded that the game helped push blockchain technology and cryptocurrency into the mainstream, and others argued that the game displayed a blockchain use case that could expand away from silly cats and into serious business (such as real estate). For instance, Union Square Ventures and Andreessen Horowitz led a $12 million investment round to spin CrypoKitties out of its parent company so that the team could really dig deeper into future applications for the concept of non-fungible digital items.
And while those serious applications have yet to be realized, a spate of similar games were created after CryptoKitties success, including the more general CryptoPets, CryptoCelebrities and Crypto All-Stars.
But according to OpenSea, users need a place to more easily buy and sell those items.