Investors Offer OpenSea $10B Valuation in New Round: Report
Investors want a piece of the NFT marketplace.
Nov 18, 2021 at 4:58 a.m. UTCUpdated May 11, 2023 at 5:49 p.m. UTC
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Investments on the table for OpenSea’s new funding round would set its valuation to $10 billion, The Information reported, citing sources familiar with the matter.
- The marketplace for non-fungible tokens (NFT) has seen explosive growth in 2021. Trading volume on the platform was over $200 million in late August 2021 compared to an average of under $100,000 in December 2020, data from DappRadar shows.
- Seeing these trading volumes, investors rushed to get a piece of the startup and initiated the investment process, according to the report from Wednesday.
- OpenSea closed a $100 million Series B in July that brought its valuation to $1.5 billion. Andreessen Horowitz’s venture capital firm a16z led the round. The renowned VC also led OpenSea’s Series A in March.
- The startup was rocked by accusations of insider trading in September, which led to the resignation of its head of product, Nate Chastain.
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Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.