OpenSea’s CEO, Devin Finzer, has openly discussed the potential acquisition of the company by major corporations in the future, indicating a receptive attitude within the NFT marketplace. Finzer stated that OpenSea would consider involvement if the right deal were to materialize.
The CEO of OpenSea Contemplates the Possibility of Acquisition.
A recent report highlighted OpenSea’s openness to potential acquisition by larger companies, in line with expectations of a bullish market this year. Finzer supports this idea, emphasizing that any potential acquirer must align with OpenSea’s values and vision.
“We think that if the right partnership comes along, then that’s something we should certainly consider…we like to keep our options open.”
With the NFT market poised for substantial global revenue growth in the coming years, the likelihood of NFT companies receiving acquisition offers is on the rise.
As per the latest data from Statista, NFT revenue at the year’s end is anticipated to reach about $2.38 billion, with a projected increase to approximately $3.37 billion by 2028.
NFT Worldwide Revenue Forecast. Source: Statista
Nonetheless, Finzer elaborates that OpenSea has attracted interest from other companies in the past, without disclosing the names of those firms.
Meanwhile, as previously covered by BeInCrypto, the escalation in NFT prices observed in 2021 is not being mirrored in the current market.
Even though both prices and trading volumes have experienced a downturn, there has been a noteworthy surge in the quantity of NFTs changing hands. As outlined in a recent DappRadar report, the total number of NFTs sold in the course of 2023 has seen a substantial rise:
“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.”
Moreover, Blur secured the top position in NFT trading volume, boasting a “56% annual dominance,” while OpenSea retains the highest number of traders. OpenSea recorded an average of 280,000 traders on a monthly basis.
In ongoing discussions, attention has turned to the necessary measures for the NFT industry to progress to the next stage. The integration of NFT collections by prominent sports teams suggests a move towards practicality, bringing tangible benefits to dedicated members.
Ashton Addison, the founder and CEO of Crypto Coin Show, a widely followed crypto media channel, argues that NFTs must deliver substantial value to their holders. Mere access to community, perks, and an attractive profile picture falls short, according to his perspective shared with BeInCrypto.
“NFT projects need to drive real value for the NFT holders beyond access to their community, perks, and a cool profile picture.”
