OpenSea, the NFT market leader, has recently faced challenges in proving its previous valuation of $13.3 billion after the NFT crash last year. However, OpenSea has now become the center of attention for another reason – acquisitions.
OpenSea recently completed a $300 million financing round, bringing its valuation to $13.3 billion.
OpenSea’s CEO and co-founder, Devin Finzer, expressed an open attitude towards acquisitions in an interview with DL News. He stated, “The honest answer is that we take a very open approach to this. This doesn’t mean we are actively seeking a sale, but if the right partnership opportunities arise, we should definitely consider them.”
It should be noted that Devin Finzer mentioned that OpenSea is open to acquiring other companies, but there are no specific plans for acquisitions at the moment.
OpenSea has been involved in multiple transactions, including the acquisition of NFT aggregation tool Gem, early-stage crypto wallet Dharma, and Mintdrop in 2022. Devin Finzer emphasized that the main purpose of these acquisitions is to seek talented individuals. He stated, “The most passionate people are those who have started their own projects, those who have an entrepreneurial spirit. Maybe they haven’t achieved their ideal level in their own projects and happen to be looking for another home.”
Despite having a higher user base than the emerging NFT platform Blur, OpenSea’s daily trading volume is about $18 million, which is five times less than that of OpenSea. Devin Finzer stated that he is not concerned about Blur’s performance and is solely focused on building the OpenSea brand. He is committed to delisting any collectibles associated with fraud or issues to ensure user safety. However, he did criticize Blur, saying, “We found that Blur has taken many different approaches than OpenSea in terms of legality and regulation. It can even be said that they have taken many shortcuts to deal with the situation.”
The interview also touched on downsizing, with Devin Finzer emphasizing that the restructuring was aimed at becoming more streamlined. He stated, “A smaller team can operate more flexibly in the market, rather than downsizing due to financial pressure.”
In conclusion, OpenSea is navigating the challenges of its previous valuation and actively considering acquisitions. The company is focused on acquiring talented individuals and maintaining a strong brand presence. Despite competition from platforms like Blur, OpenSea remains committed to ensuring user safety and has implemented measures to combat fraud. The downsizing efforts are aimed at creating a more agile and efficient operation.