5 NFT Metrics That Prove There's Significant Interest In The Space

September 23, 2021 03:30 PM
Crypto Story of the Day

Crypto Story of the Day




Crypto was broadly up this morning with Solana (SOL) up 12% and outperforming in the Top 10. BTC spot volume is above its 30-day average.

Crypto Story of the Day

Recent significant NFT-related funding rounds reflect the significant interest in the new medium. We review notable NFT raises and metrics.

Sorare raises USD 680 Million

The Paris-based NFT startup raised the funds via a Series B round closed this week. The raise was conducted at a USD 4.3 billion valuation. Sorare has developed a fantasy soccer platform relying on Ethereum-based NFTs that are tradable among users. Sorare has partnered with 180 soccer teams, including some of the most famous European clubs, such as Real Madrid and Juventus. The company plans to expand to other sports and open an office in the U.S. following the funding round. Sorare's latest round was led by Softbank’s Vision Fund 2. 

Dapper Labs raises USD 250 Million

The startup announced the raise, which valued the firm at USD 7.6 billion this week. The firm raised USD 305 million in March at a USD 2.6 billion valuation. The latest round was led by Philippe Laffont’s Coatue Management and included backing from Andreessen Horowitz’s A16z and GV, formerly known as Google Ventures. 

Dapper Labs currently operates NBA Top Shot, a basketball-focused NFT platform. The startup was previously known for launching Ethereum-based CryptoKitties, considered to be a precursor to the current NFT wave. Dapper Labs offers its NFTs via its proprietary Flow Blockchain. 

OpenSea raises USD 100 Million

In July, New York-based NFT marketplace OpenSea announced it raised USD 100 million at a 1.5 billion valuation. The round was led by A16z with participation from Ashton Kutcher. OpenSea, initially based on Ethereum, has expanded to that network’s sidechain, Polygon Network. 

Last week, the NFT venue began rolling out an app on Google Play and the Apple App Store. OpenSea also saw controversy last week when it confirmed that one of its employees had engaged in insider trading of NFTs. OpenSea saw a total trading volume of USD 3.4 billion in August and its smart contracts have processed 2.4 million transactions in the last 30 days. 

Other Notable Platform Raises

Earlier this month, Ethereum-based Immutable raised USD 60 million in a Series B round. Participants included Alameda Research and Gary Vaynerchuk’s VaynerFund. The platform utilizes Immutable X, described as “the first layer 2 for NFTs on Ethereum.” 

NFT platform Recur raised USD 50 million via a Series A round at a USD 333 million valuation. The investment was led by metaverse investment firm Digital, which is backed by the family office of investor Steve Cohen. Recur previously raised USD 5 million in March. 

The NFT Space is Spread Across Multiple Chains

The majority of NFT activity to date has been concentrated on the Ethereum network. However, other networks such as Dapper Labs’ Flow blockchain have emerged as significant contributors to the NFT space. Esoteric networks such as WAX have also begun to host NFT platforms. For example, according to DappRadar, WAX-based Atomic Market is the 9th-largest NFT platform based on volume at the moment. DappRadar also places Tezos-based hic et nunc as the 5th-largest platform.

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About the Author

FRNT Financial is a technology and sales layer that offers institutional and accredited investors access to various forms of exposure to crypto-assets. You can subscribe to FRNT Financial Morning Note at https://www.frnt.io/morningnote