OpenSea CEO Open-Minded About Acquisition Deals

9 months ago 5

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Devin Finzer, OpenSea’s CEO, has openly expressed the possibility of the company’s acquisition by major corporations in the future, revealing a receptive stance in the NFT marketplace.

Finzer recently stated that OpenSea would entertain the idea of getting involved if the right deal presented itself.

OpenSea CEO Considers Acquisition as a Possibility

A recent report explained OpenSea’s willingness to be acquired by larger firms, aligning with expectations of a bull market this year. Finzer supports the idea, provided the company aligns with OpenSea:

“We think that if the right partnership comes along, then that’s something we should certainly consider…we like to keep our options open.”

As the NFT market is expected to experience significant global revenue growth in the upcoming years, the inclination towards NFT firms receiving acquisition offers is more likely.

According to recent data from Statista, the year-end NFT revenue is expected to reach around $2.38 billion, with a further increase to approximately $3.37 billion by 2028.

However, Finzer further explains that they have had interest previously, but did not reveal timeline or parties involved.

NFT Prices Down, Quantity Sold is Up

Meanwhile, BeInCrypto recently reported that NFT prices ar e not replicating the surges witnessed in 2021.

Despite the decline in both prices and trading volumes, there has been a substantial increase in the quantity of NFTs sold. According to a recent report from DappRadar, the number of NFTs sold throughout 2023 increased significantly:

“NFTs have become a lot cheaper throughout 2023, and therefore the trading volume dropped 49% to $12.6 billion. However, the number of NFTs sold increased 445% to 60 million.”

Furthermore, Blur took out the number one spot in NFT trading volume. It saw a “56% yearly dominance,” while OpenSea maintains the highest trader count, with an average of 280,000 traders per month.

Read more: Top 9 OpenSea Alternatives in 2023

Meanwhile, there has been several debates in recent times over what the NFT industry needs to step up to the next level. The inclusion of major sporting teams providing real value along with NFT collections is a sign of the right direction.

Ashton Addison, the founder and CEO of Crypto Coin Show, a popular crypto media channel, believes non-fungible tokens need to add real value for their holders. Access to their community, perks, and a cool profile picture isn’t enough, he told BeInCrypto:

“NFT projects need to drive real value for the NFT holders beyond access to their community, perks, and a cool profile picture.”