Opensea did not initiate the new fundraising process
According to a report by The Information, major NFT marketplace OpenSea has received investment offers from potential backers with a valuation of $10 billion or more. The New York-based company has not initiated the new fundraising process. In July, the NFT platform had raised $100 million in a Series A round led by a16z. That valued OpenSea at $1.5 billion. According to the investors the value of the NFT marketplace has increased more than six-fold in recent months.There are thousands of NFTs available to users on the OpenSea marketplace. In August alone, OpenSea's NFT trading volume exceeded $3 billion, surpassing the previous all-time monthly high by a factor of 10. In recent months, trading volume has declined, but OpenSea continues to keep it above $2 billion per month.
The company could not entirely avoid controversy
The NFT marketplace has been very successful but could not entirely avoid controversy. Recently, owners of the NFT collection "Phunks" lost their NFTs due to an exploit that resulted in their NFTs being sold without their consent. Opensea compensated the owners of the Phunks by paying them back the floor value. During another incident in September, the head of product Nate Chastain had used inside information to buy items from NFT's collections shortly before they were featured on the platform's homepage. As a result, he was asked to resign.Opensea is currently the largest marketplace for NFTs, but crypto exchanges like Coinbase and FTX are trying to compete with the platform by offering NFTs on their exchange, bringing even more users into the space. SushiSwap has also launched its NFT marketplace called Shoyu, which aims to become a more user-friendly marketplace and hopes to compete with Opensea by offering cheaper minting and transactions with Layer 2 solutions like Polygon. The platform will also share its rewards with XSushi holders. 2.5% of fees will be distributed to xSushi holders to generate passive income. Right now, Opensea is the largest marketplace and has the first-mover advantage, but as the space grows, more competitors will try to knock the marketplace off its throne.
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