Largest NFT marketplace OpenSea is ready to hit a valuation of $10 billion as it prepares for a new funding round, media outlet The Information reported Wednesday.
Citing anonymous sources, the report noted that the number of investment offers the company has received can increase its market valuation by at least 6 times.
The news might not come as a surprise since NFTs have seen a massive rise in 2021 and OpenSea bore the fruit for it. The average trading volume in December last year was below $100,000, but reached $ 200 million in late August this year, according to data by DappRadar.
OpenSea previously raised $100 million in a Series B funding round led by Andreessen Horowitz (a16z), taking the company’s valuation to $1.5 billion. OpenSea alone has reported sales of $12 billion to date with an average monthly trading volume of $11 billion.