OpenSea, Top NFT Marketplace, Valued at Over $10 Billion

OpeanSea, the top NFT marketplace is on the news yet again. After the conclusion of their two rounds of fundraising, the marketplace is again fielding for new offers. In a report from The Information, it seems that the current investment offer will take OpeanSea to a valuation of $10 Billion.

High-Value NFTs on OpenSea; Source- The Generalist

OpenSea’s Valuation Can Touch $10 Billion

Anonymous sources directly involved with the platform say, “investors are clamoring for a piece of the startup.”  In their Series B fundraising round, OpenSea secured a bag of $100m in investment reaching a valuation of $1.5 billion. The blockchain unicorn has been the go-to marketplace for NFTs for the past few months.

Although contrary to its popularity, OpenSea, the top NFT marketplace has seen a constant decrease in activity since August. The platform has also seen accusations of several unethical practices in its recent history. Given the increasing amount of ETH gas prices, NFT enthusiasts seem to be drifting to other marketplaces.

To support this statement, experts provide data on NFT sales of Polygon, which is also supported on OpenSea. It shows that where Ethereum NFT sales are decreasing, Polygon NFTs are seeing better results on the same platform.

ETH Gas Fees Keep Surging; Source- nftska

Currently, OpenSea, the top NFT marketplace, has an all-time total sale of $11.18 billion. However, with marketplaces like Binance and FTX getting more popularity, the competition will get more fierce.

Coinbase, a prominent investor of OpenSea, is also launching their own NFT Marketplace, making it tough for OpenSea to retain its popularity.

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All investment/financial opinions expressed by are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investments.

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