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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.