Growing OpenSea Competitor Blur is supposedly set to close a new funding round at a $1 billion valuation, according to a recent report by The Block in which they claimed to have received the information from two sources closely involved in the matter.

According to the report, one of the sources said that the rising NFT marketplace actually sought out to secure between $15 million to $30 million at a $700 million valuation from various investors, but it seems they’ll be getting larger backing that expected with the round set to be oversubscribed at a $300 million higher valuation than originally planned.

The Block has reached out to Blur for comment, but the startup, now supposedly valuated at unicorn status, did not respond to any request.

Unlike OpenSea, the Blur marketplace, which boasts a trading volume of $1.2 billion since launching 4 months ago, actually has its own native token, which came out this month on Valentine’s Day on exchanges such as Coinbase, Bybit, KuCoin, Kraken, OKX, Bitget and more. The purpose of the ERC-20 token is to give the community governance control over the DAO, with the Blur Foundation set to help in fostering “community-led growth over the protocol.” According to a recent Twitter thread from the developers, traders from all NFT marketplaces in the previous 3 months, as well as Care Package holders and creators of NFT collections on their official marketplace, are eligible for an airdrop of 360 million $BLUR. Everyone who is qualified can claim their tokens within these 60 days from the token’s launch.

The Blur marketplace managed to raise $11 million in a seed funding round led by Paradigm last year.