• A new funding round would value NFT Marketplace OpenSea at $10 billion

  • OpenSea’s record-breaking year may have just gotten even bigger. The NFT platform is currently preparing for another round of funding.

    According to the news outlet, the crypto firm’s new valuation would be a whopping $10 billion.

    Investors in this round have not been identified, and OpenSea had yet to respond to a request for comment at the time of publication.

    OpenSea is a similar online marketplace to eBay, but instead of used bikes, Ikea couches, and blenders, users can buy and sell non-fungible tokens (NFTs). NFTs are cryptographically distinct tokens that can be used to represent ownership of digital art, concert tickets, and in-game items.

    OpenSea specializes in digital art, hosting well-known projects such as Bored Ape Yacht Club, CryptoPunks, and Cool Cats. Many NFTs from these collections have sold for millions of dollars, attracting both retail speculators and sophisticated investors.

    OpenSea has a banner year.

    The most recent funding announcement would be OpenSea’s third funding round.

    Andreessen Horowitz, Naval Ravikant, Mark Cuban, and others invested $23 million in the company in a Series A round in March. The company was then valued at $1.5 billion after raising an additional $100 million (again led by Horowitz) in July.

    Investors’ interest has most likely been piqued as a result of OpenSea’s staggering volumes. The platform reached an all-time high of $10 billion in sales at the beginning of November. At the time of publication, this figure had risen to $11.11 billion.

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