OpenSea Receives Investment Offers at a $10 Billion Valuation
OpenSea, the world’s leading NFT marketplace, has received investment offers that could see it reach a $10 billion valuation.
OpenSea Receives Investment Offers
The nonfungible token (NFT) space has experienced massive growth in recent months, and OpenSea has been at the center of it. The NFT platform has received investment offers from potential backers at a valuation of $10 billion or more.
The Information reported this yesterday, citing people familiar with the matter. Per the report, OpenSea didn’t initiate the investment talks, which came just four months after the company raised $100 million to reach a $1.5 billion valuation.
The sources told The Information that investors are clamoring to get a piece of OpenSea, which continues to lead the NFT space in terms of trading volume and innovation. In August alone, OpenSea’s NFT trading volume surpassed $3 billion, ten times higher than its previous all-time high monthly volume. There are thousands of NFTs available to users on the OpenSea marketplace.
The trading volume has declined in recent months, but OpenSea continues to maintain it above $2 billion per month. Despite the good news, OpenSea is not completely rid of controversy. In September, it emerged that the platform’s head of product, Nate Chastain, had been using inside information to acquire items in NFT collections shortly before they were featured on the marketplace’s homepage.
The NFT Market Continues to Attract More Investors
Nonfungible tokens have gained adoption within the cryptocurrency space and beyond. An increasing number of media companies and personalities, sporting institutions and athletes, movie stars and musicians have been entering the space and launching their NFT collection.
In the third quarter of the year, NFT trading volume surpassed the $10 billion mark for the first time. The trading volume could soar higher over the coming months as adoption continues to grow.
OpenSea is currently facing competition from the likes of Rarible. However, with the entry of big names such as Binance, FTX and Coinbase, the competition within the NFT space could become fiercer over the coming months and years.