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.