OpenSea fields investment offers at $10 billion valuation

OpenSea, the leading marketplace for non-fungible tokens (NFTs), has received investment offers from potential backers at a valuation of $10 billion or more, according to a report by The Information.

The report cites people familiar with the matter and states that OpenSea did not initiate the fundraising talks. OpenSea was contacted for comment but did not respond by press time. 

The NFT platform last raised money in July, when it netted $100 million in a Series A round led by a16z. That raise gave OpenSea a valuation of $1.5 billion, meaning its value has increased — in the eyes of some investors at least — by more than six times in just a few months. 

In that time, OpenSea has registered NFT trading volumes far in excess of anything it had experienced before. In August, volumes on the marketplace topped $3 billion — more than ten times its previous high watermark, according to The Block Research’s data. Volumes have declined in the months since, but have held at upwards of $2 billion each month. 

It has not all been smooth sailing, however. OpenSea was rocked when, in September, it emerged that head of product Nate Chastain had been using inside information to purchase items in NFT collections shortly before they were featured on the platform’s homepage. He was subsequently asked to resign.