A new report making the rounds shows leading non-fungible token (NFT) marketplace OpenSea is seeing impressive growth and sales milestones and has landed a huge increase in value.
OpenSea was valued at $1.5 billion four months ago with a $100 million Series B funding round led by Andreessen Horowitz. The funding round included NBA star Kevin Durant and actor/entrepreneur Ashton Kutcher.
OpenSea passed $11 billion in sales volume recently, an impressive milestone that sets the marketplace company well ahead of the competition. OpenSea had a sales volume of $24 million in 2020 and $8 million in 2019.
Sales volume over the last 30 days for OpenSea was $1.5 billion, according to Dappradar.
Rarible has an all-time sales volume of $264 million and SuperRare has an all-time sales volume of $178 million. Axie Infinity, a play-to-earn NFT game, has more than $3.3 billion in sales volume on its own platform.
OpenSea has more than 635,000 users.
Why It’s Important: The new valuation for OpenSea comes as the NFT market is seeing strength from many of the top projects.
Last week, nine of the top 10 NFTs by sales volume saw weekly gains and several including Bored Ape Yacht Club had weekly sales volume gains of more than 200%.
OpenSea’s new valuation comes as Coinbase Global Inc COIN is launching an NFT marketplace that could rival OpenSea. Coinbase, an investor in OpenSea, has more than 2.5 million people on a waitlist for the NFT launch.
Coinbase’s waitlist is larger than the user base of OpenSea, Rarible and Super Rare combined.
OpenSea has been considered by many one of the top NFT related companies, which could increase the likelihood of investors looking to take the company public to capitalize on the increased demand for NFTs and NFT-related stocks.
Given the fact that Coinbase could pose a credible threat to the strong lead OpenSea currently has, OpenSea may consider going public sooner than later.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month