The non-fungible token market slowdown experienced over the past two years continues to impact more NFT projects. OpenSea, one of the leading NFT marketplace platforms, is the latest NFT project to hint at the possibility of selling the project to potential buyers due to concerns about poor performance.
NFT crash prompts OpenSea to opt for acquisition
In an exclusive interview with DL News on Friday, Devin Finzer, CEO of OpenSea NFT marketplace, revealed that OpenSea has received acquisition intents and remains open to potential acquisitions. The option comes as the NFT market continues to underperform.
According to DL News, OpenSea CEO Devin Finzer revealed that OpenSea has received acquisition intentions and remains open to potential acquisitions, but did not specify when or who would acquire it, and said OpenSea is not actively seeking buyers at this time. …
– Wu Blockchain (@WuBlockchain) January 27, 2024
Founded in 2017, OpenSea is an American non-fungible token marketplace based in New York City. The NFT project is led by Devin Finzer and Alex Atallah. The NFT marketplace platform offers an online marketplace that allows non-fungible tokens to be sold directly at a fixed price or through an auction.
During the interview, Finzer noted that although OpenSea could consider an acquisition in the future, the NFT marketplace platform is not actively seeking buyers. Instead, the top boss advocated for strategies to navigate the uncertain tides of the digital collectibles space.
Finzer indicated that the OpenSea NFT Marketplace is ready to embrace partnerships that align with its vision for the future. “We believe that if the right partnership is achieved in the future, then it is something we should certainly consider,” Finzer said.
OpenSea NFT Market Health
The OpenSea NFT marketplace, which previously dominated the NFT market, has seen a brutal decline over the past two years. The NFT slowdown has seen the NFT marketplace platform lose its dominance to newer platforms like the Blur NFT Marketplace.
Data collected by Dune analysisan on-chain data aggregator, indicates that NFT trading sales volume on OpenSea has fallen 96% from its all-time high in 2022. NFT trading sales volume fell from $3.5 billion in February 2022 to just $127 million dollars in January 2024. In the last 30 days, the NFT market has accumulated a trading sales volume of 171 million dollars.
Fortunately, the OpenSea team remains bullish on NFTs despite suffering a massive drop. Last month, OpenSea doubled down on NFT potential even as NFT market metrics appear to decline. The NFT marketplace is set to launch its “OpenSea 2.0”, a revolutionary update to the marketplace platform that focuses on better user experiences and better trading access.
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