The decline in the non-fungible token market experienced in the past two years continues to affect more NFT projects. OpenSea, one of the leading NFT market platforms, is the latest NFT project to hint that it is considering selling its projects to potential buyers due to poor market performance.
In an exclusive interview with DL News on Friday, Devin Finzer, CEO of the OpenSea NFT marketplace, revealed that OpenSea has received and remains open to potential acquisitions. This choice was made due to the NFT marketplace continuing to record poor market performance.
According to DL News, OpenSea CEO Devin Finzer revealed that OpenSea has received and remains open to potential acquisitions, but did not specify when and who will acquire it, and said that OpenSea is not actively looking for an acquirer at present.
Founded in 2017, OpenSea is an American non-fungible token marketplace headquartered in New York City. This NFT project is led by Devin Finzer and Alex Atallah. The NFT marketplace platform provides an online marketplace that allows non-fungible tokens to be sold directly at a fixed price or through auctions.
In the interview, Finzer noted that while OpenSea may consider an acquisition in the future, the NFT marketplace is not actively seeking a buyer. Instead, the executive advocated developing a strategy to deal with uncertainty in the digital collectibles space.
Finzer said the OpenSea NFT marketplace is ready for partnerships that align with its future vision. Finzer commented: “We think that if the right partner comes along in the future, it’s definitely something we should consider.”
The health of the OpenSea NFT marketplace
The OpenSea NFT marketplace, which had dominated the NFT market for the past two years, has experienced a severe decline. The decline has caused this NFT marketplace platform to lose its dominance to new platforms such as the Blur NFT marketplace.
Data compiled by on-chain data aggregator Dune Analytics shows that NFT transaction sales on OpenSea have fallen by 96% from their all-time high in 2022. NFT transaction sales fell from $3.5 billion in February 2022 to $127 million in January 2024. In the past 30 days, the NFT market has accumulated transaction sales of $171 million.
Fortunately, despite the huge drop, the OpenSea team remains optimistic about NFTs. Last month, despite the seemingly declining NFT market indicators, OpenSea doubled down on the potential of NFTs. The NFT marketplace plans to launch "OpenSea 2.0", a revolutionary market platform upgrade that focuses on enhancing user experience and improving trading channels.
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