Benzinga - Blur, a fast-rising rival to NFT marketplace heavyweight OpenSea, is reportedly set to close a massive funding round at a billion-dollar valuation.
Quoting two sources familiar with the negotiations, a report by The Block stated that the startup's valuation soared to unicorn status during discussions with investors.
One of the sources revealed that Blur initially sought to raise between $15 million and $30 million and had a $700 million price tag in mind, but the round became oversubscribed, pushing the startup's valuation up to $1 billion.
The exact details of the funding round and the investors involved remain unknown at this time.
However, the news of the potential fundraising effort has caused quite a stir in the NFT market, with many speculating on who could be the big investors involved in the round.
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The startup last raised funds in March 2022, with Paradigm, eGirl Capital, 0xMaki, and LedgerStatus among the backers in its $11 million seed round.
This news of Blur's funding round comes on the same day as Blur's native token launch, at noon ET on Feb. 14.
Blur's marketplace was launched in mid-October and has quickly gained popularity in the highly competitive NFT market. The platform is known for its low trading fees and its floor-sweeping function, which has helped it gain significant traction in the market.
In January, Blur announced that it would be delaying its token launch, which allowed the team to address any issues and ensure a successful launch.
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Photo: Courtesy of Marco Verch Professional P on flickr
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