NFT Giant OpenSea Keeps Options Open for Potential Acquisition
The collapse of the non-fungible token (NFT) market last year dealt a blow to OpenSea, raising questions about its once staggering $13.3 billion valuation.
Now, the popular NFT marketplace is at the center of acquisition discussions, with CEO and co-founder Devin Finzer expressing an open-minded approach to potential deals, including the possibility of being acquired itself.
“We think that if the right partnership comes along, then that’s something we should certainly consider,” Finzer said in a recent interview.
However, he clarified that OpenSea is not actively seeking a suitor and has no immediate plans to be acquired.
Despite being overtaken by rival platform Blur, which has achieved greater trading volume, OpenSea remains focused on building a brand that prioritizes user safety and removes fraudulent or problematic collections.
The decline in OpenSea’s trading volume has been significant, plummeting by 96% since January 2022, according to data from Dune Analytics.
Blur, on the other hand, has gained momentum by employing airdrops of its token and now boasts a daily trading volume five times greater than OpenSea’s, although OpenSea still has a larger user base.
OpenSea enjoyed substantial support from venture capitalists during the NFT boom in 2021, with Andreessen Horowitz, Paradigm, Coatue Management, and actor Ashton Kutcher all participating in fundraising rounds.
However, Coatue Management reportedly devalued its stake in OpenSea by 90% to $13 million in November.
While rumors about OpenSea’s potential initial public offering persist, Finzer remained tight-lipped on the matter.
In terms of deals, OpenSea has already made some moves, acquiring NFT aggregator tool Gem in 2022, as well as early crypto wallet Dharma and
