Investors put money into “NFT’s eBay”
According to a report published by tech industry insider Eric Newcomer, OpenSea, the largest non-fungible token marketplace, is seeking a valuation of $13 billion.
The eBay of NFTs is hosting a fundraising round led by Coatue Management, a New York-based technology-driven investment manager. Also among the participants is investor Katie Haun, who left venture capital giant Andreessen Horowitz in mid-December. Haun sits on the company’s board of directors alongside his co-founders, Alex Atallah and Devin Finzer.
In November, The Information reported that OpenSea was yet to initiate a new fundraising process, but available investment offers would increase the company’s valuation to up to $10 billion.
OpenSea is worth $ 1.5 billion after closing a $ 100 million funding round in July.
According to data provided by DappRadar, daily trading volume on the largest NFT marketplace currently stands at $162.5 million.
Launched in 2017, OpenSea saw a huge surge in popularity last year, benefiting greatly from the NFT mania that has swept the world.
Its rise to the decacorn status wasn’t smooth. In September, the platform was enmeshed in a major insider trading controversy. OpenSea’s head of product, Nate Chastain, was forced to resign after it was uncovered that he would purchase cheap NFTs right before they would appear on the website’s home page.
In late December, OpenSea raised centralized concerns after freezing more than $ 2 million worth of NFT Bored Ape that was stolen from a contemporary art gallery in New York City. Following the incident, some users nodded that centralized parties should not be allowed to intervene.
