The NFT token market is currently among the hottest sectors within the blockchain industry. I am closely monitoring this new asset class. They are digital assets that are secured cryptographically and authenticated on a blockchain.
However, given that NFT token(s) sell for millions of dollars, this market is highly speculative. This has led many people to question it. Is it a bubble and simply a fad? Or is it a legitimate class of assets?
I believe that NFTs represent a digital jump within the collectibles industry. The market might be running hot right now. However, it is only going to continue to grow. A round of early-stage venture capital (VC) that just occurred suggests that many intelligent investors agree.
One of the all-time most successful VC firms - Andreessen Horowitz - recently backed a Series A funding round of $23 million for OpenSea. Andreessen Horowitz's decision to support the new marketplace indicates how the firm views the NFT token space.
OpenSea is the largest marketplace in the world for NFTs. It can be viewed as the Amazon for this space. Almost any NFT token that consumers want can be found here. Pokemon, real estate within virtual worlds, comic books, trading cards, digital arts, and other items are posted for sale on the OpenSea platform.
Also, with NFT token support, we want to take a look at the other investors that participated in the OpenSeas Series A round; there are other big names, including Tim Ferris, who wrote the best-selling book The 4-Hour Workweek, Balaji Srinivasan, the former CTO of Coinbase, Naval Ravikant who founded the venture investing website AngelList, and billionaire businessman Mark Cuban. Each invested in OpeanSea along with Andreessen Horowitz.
These are among the most visionary investors within the blockchain sector. They are betting large sums of money that NFTs are not going anywhere. An important thing to note is these entrepreneurs are usually on a trend early, but they are also usually right.
I will be the first person to say that there will be some bad actors and many hiccups within the NFT space during the early days. However, that is normal for a new industry during its earliest development stages.
The great understanding is that the leap into digitization makes me convinced that the NFT token market is already undergoing exponential growth. And that is what delivers OpenSea as one of the companies we will want to continue to follow in the near future.
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