OpenSea Founder: No Acquisition Plans but Open to Possibility, Blur Takes Regulatory Shortcuts
OpenSea, the dominant player in the NFT market, has recently completed a $300 million financing round, valuing the company at $13.3 billion. Following the NFT crash last year, it has been difficult for OpenSea to justify its previous valuation. However, the company has now become the focus of another topic – acquisitions.
OpenSea’s CEO and co-founder, Devin Finzer, stated in an interview with DL News that they have a fairly open attitude towards acquisitions. He clarified that this does not mean they are actively seeking a sale, but if the right partnership opportunity arises, they would certainly consider it.
The main purpose of OpenSea’s acquisitions is to find talent. The company has previously participated in several transactions, including the acquisition of NFT aggregation tool Gem, early-stage crypto wallet Dharma, and Mintdrop. Finzer emphasized that he is primarily looking for passionate individuals who have started their own projects or possess an entrepreneurial spirit and may be seeking a new home for their ideas.
Despite having a higher user base than the emerging NFT platform Blur, OpenSea’s daily trading volume is approximately $18 million, about five times less than Blur’s. Finzer stated that he is not particularly concerned about Blur’s performance and is solely focused on building the OpenSea brand. He also mentioned their commitment to delist any problematic or fraudulent collectibles to ensure user safety. However, he did criticize Blur, noting that they have taken different approaches, including shortcuts, in terms of legal and regulatory matters compared to OpenSea.
Regarding downsizing, Finzer emphasized that the restructuring is aimed at creating a more streamlined operation and not due to financial pressure. He believes that a smaller team can operate more flexibly in the market.
In conclusion, OpenSea’s recent financing round and open attitude towards acquisitions have drawn attention to the company. While it strives to differentiate itself in the NFT space and expresses optimism about Ethereum-based NFTs, it also faces competition from platforms like Blur.
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