OpenSea, a well-known platform for dealing with non-fungible tokens, is widely recognized among those interested in this field. However, many are not aware of the creators of this project.
The idea of OpenSea emerged in 2017 when Devin Finzer and Alex Atallah, two young developers, decided to implement it. At that time, the founders, who were not yet 30, lacked funding to develop their project. They only had a strong desire to create a unique platform for trading digital assets, a fascination with the popular online game CryptoKitties, and some experience working in the IT sector.
Devin Finzer's Story
Devin Finzer is an American entrepreneur and technology executive. He is the co-founder and CEO of OpenSea. In January 2022, Forbes estimated the stakes in OpenSea owned by Finzer and his co-founder Alex Atallah at $2.2 billion each, making them the first billionaires in the field of non-fungible tokens.
Finzer enrolled at Brown University, where he earned a bachelor's degree in Computer Science and Mathematics in 2013. In his junior year at Brown, Finzer, along with future Figma founder Dylan Field, created CourseKick, a socially-oriented search engine for university course registration. Just two weeks after the site's launch, 20% of undergraduates had registered. While at Brown, Finzer interned at Wikimedia Foundation, Google Cloud Platform, and Flipboard. After graduating, he took a job at Pinterest in San Francisco as a software engineer.
Finzer's Career
Finzer co-founded two technology startups:
- Claimdog;
- WifiCoin.
Claimdog is a personal finance management app that was acquired by Credit Karma for an undisclosed amount. At Credit Karma, Finzer became interested in blockchain technology. Together with Alex Atallah, Finzer developed and pitched WifiCoin, which offered tokens in exchange for access to a wireless router. They presented the concept to Y Combinator and were accepted. Inspired by the release of CryptoKitties, they shifted focus to the market of non-fungible tokens, founding OpenSea in December 2017.
After an initial fundraising round in 2018 by Y Combinator, OpenSea raised $2.1 million in venture capital in November 2019. In March 2021, the company raised $23 million; four months later, the company announced another investment round of $100 million, becoming a unicorn. In January 2022, OpenSea raised $300 million in new series C funding, boosting the company's valuation to $13.3 billion.
In July 2021, Finzer was listed 19th in Forbes' "NFTy 50" list of the most influential individuals in the field of non-fungible tokens.
How OpenSea Works
OpenSea is one of the leading and most well-known NFT Marketplaces. It features unique digital assets, often linked to digital art, collectibles, gaming items, and other virtual goods.
| Characteristic | Description |
|---|---|
| Variety of NFTs | OpenSea offers a wide assortment of NFTs, including digital art, music, virtual real estate, domain names, and much more. |
| Based on Ethereum | The platform was originally created on the Ethereum blockchain, using Ether (ETH) as the main currency for transactions. |
| Decentralization | OpenSea operates on a decentralized basis, ensuring transparency and security of transactions. |
| User Interface | Provides a simple and intuitive interface, convenient for users of all levels. |
| Smart Contracts | Transactions on the platform are regulated by smart contracts, automating the terms and execution of deals. |
| Community and Events | OpenSea actively interacts with the community, organizing various events and exhibitions for artists and collectors. |
Since its launch, OpenSea has played a key role in popularizing NFTs as an important element of the digital economy. The platform has not only facilitated access to NFT trading for a wide audience but also contributed to the growth in value and demand for digital art and other forms of digital assets. It has become one of the main platforms where artists, creative individuals, and game developers can monetize their digital creations.
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