OpenSea to Attain $10 Billion Valuation as Investors “Clamor” for a Piece of the Startup

Updated:

On Wednesday, a report revealed that behemoth non-fungible token (NFT) marketplace, OpenSea, is sourcing new investment offers, according to two anonymous sources familiar with the topic.

That said, a new influx of investment could shoot OpenSea’s market valuation to six times its current valuation, $10 billion.

In the first week of November, the giant NFT marketplace surpassed $10 billion in all-time sales, according to dappradar.com. At press time, the analytics platform indicates that OpenSea’s all-time sales have hit $11.11 billion.

The anonymous sources made the revelation to theinformation.com’s Kate Clark and Berber Jin, noting that the NFT marketplace did not “initiate” the financing, adding that “investors are clamoring for a piece of the startup.”

OpenSea Becomes Unicorn Startup in July

That said, the fundraising rumors come after the company’s most recent Series B fundraising round in July. The company raised $100 million in an investment round led by Andreessen Horowitz and other prominent investors like Tobi Lutke, Kevin Durant, and Ashton Kutcher. The July Series B investment round shot OpenSea to “Unicorn” status with a valuation of $1.5 billion.

The inside information from the anonymous sources alleged that investors are “clamoring” to invest in OpenSea. The informants also noted that the number of sales recorded by the giant marketplace was responsible for the boom in Investor influx.

However, data from Dune Analytics suggest that trading volume has slipped consecutively lower since August.

OpenSeasupports the Ethereum and Polygon blockchains and on Wednesday introduced the OpenSea mobile applications for Android and iOS. While OpenSea’s volume on the Ethereum blockchain dropped through October, its volume on Polygon saw significant increases. Nonetheless, OpenSea volume on Ethereum picked up upward momentum in the second week of November.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.