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Investors Offer OpenSea $10B Valuation in New Round: Report
Investors want a piece of the NFT marketplace.
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.
Read more: NFT Marketplace OpenSea Valued at $1.5B in $100M Funding Round Led by A16z
STORY CONTINUES BELOW
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
