OpenSea is currently the most prominent NFT marketplace, providing a platform for creators, collectors, and traders of non-fungible tokens. Its diverse offerings span from digital art and virtual real estate to blockchain-based games and domain names.

OpenSea’s Financial Status

Despite being at the forefront of the NFT market, OpenSea is not a publicly-traded company yet. So far, it has raised a total of $427.2 million through eight funding rounds. At its peak, OpenSea’s valuation reached an impressive $13 billion.

However, recent developments have seen some investors marking down their valuation of the company. Reports indicate that one venture firm, specializing in tech, has marked down its OpenSea equity from $126.8 million to $30.2 million — a significant 76% drawdown.

Alternative Investment Routes

For those interested in gaining exposure to OpenSea, there are indirect routes available. For instance, Blockchain Capital’s BCAP Token/Fund includes OpenSea as part of its seed round portfolio.

BCAP is available for KYC-verified users to invest in on the Securitize platform.

Conclusion

While some argue that the NFT market is a bubble, there are also emerging competitors such as Blur NFT platform, which is gradually gaining market share from OpenSea (albeit with the aid of trading mining). As an investor, it’s crucial to see these developments as potential opportunities or red flags, but always remember to conduct your due diligence.