Investor Highlight: Investors Hungry for NFT Startups

The NFT marketplace OpenSea has seen explosive growth and is fielding calls for a new funding round, with offers reportedly at a $10BN valuation. The lure of NFTs remains strong despite some worry about pending regulation and possibly baffling trading values for digital rock collections. No matter what you think about the hype, it’s an excellent time to be OpenSea. The company takes 2.5% of each transaction, and the company reached $10BN in all-time sales last month.  

The company last raised in July, with a $100MM Round B led by Andreessen Horowitz that included angel investors/celebrities Kevin Durant and Ashton Kutcher. They didn’t initiate this funding round, but investors are clamoring for a piece of the pie after a record-breaking summer. Elsewhere, cryptocurrency exchange FTX raised at a $25BN valuation while Dapper Labs and Bitski are also on the heat map. Private equity groups BlackRock and ICONIQ Capital participated in the historic FTX round, signaling the mainstream adoption of crypto-related companies.

The future of NFTs will incorporate more immersive experiences alongside the ownership rights of collectible tokens. Events like NFT popups and exclusive dinners, as well as clothing and other tangibles, are becoming part of the appeal for NFT owners. The metaverse promises to make NFTs the luxury sector of the online world, swapping Louis Vuitton handbags for CryptoPunk icons. 

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