In an unexpected move, Andreessen Horowitz General Partner Chris Dixon has joined the board of directors of OpenSea, one of the most highly valued blockchain startups, replacing former Andreessen Horowitz general partner Katie Haun, according to a person with direct knowledge of the matter.
Haun, who launched her own crypto-focused investment firm late last year and took capital from Andreessen Horowitz, publicly said at the time of her move that she would retain her board seat at OpenSea—even though it is supposed to belong to her former firm. It isn’t clear what precipitated the board switch between two of the world’s best-known cryptocurrency-related investors. But OpenSea’s business, which lets people use cryptocurrencies to buy and sell non-fungible tokens—virtual assets like Bored Ape Yacht Club images that are stored on digital ledgers—has declined dramatically as cryptocurrency values collapsed this year. And Andreesseen Horowitz has a much bigger equity stake in OpenSea than Haun does.