OpenSea’s CEO Says Company Open to Deals, Including Being Acquired

• OpenSea’s CEO said the NFT marketplace is keeping an open mind toward acquisition deals.
• The platform continues to trail behind Blur in daily and monthly trading volume. 
• OpenSea’s CEO alleges Blur is cutting regulatory corners in its operations. 

Devin Finzer, the Chief Executive Officer (CEO) of the NFT marketplace OpenSea, hinted the company is open to being acquired as it looks to retake lost market share and reestablish its dominance, DL News reported . 

According to that report, Finzer mentioned in an interview that the company is open-minded toward deals, including being acquired. “The honest answer is that we take a pretty open-minded approach,” Finzer said in the interview. “We think that if the right partnership comes along, then that’s something we should certainly consider.”

However, the executive maintained that OpenSea is not actively looking for an acquisition nor keeping an eye out for one. Finzer’s statements come amidst a continued struggle by the marketplace to retake lost market shares. 

Prior to losing its control to Blur, OpenSea accounted for about 90% of the NFT sector’s market share, the report noted. As a result, the platform’s monthly trading volume plunged 96% to $171, data from Dune Analytics reveals. 

Although Blur has roughly five times the daily trade volume of OpenSea’s $18 million, the latter still has more users overall. However, Finzer said he is unfazed by Blur’s dominance of the market. 

According to the executive, OpenSea’s focus is on building a brand “that keeps users safe by delisting any fraudulent or problematic collections.” Finzer continued by saying, “Blur has sort of cut so many different corners when it comes to their approach to legal and regulatory.”

Meanwhile, Opensea continues to grapple with investors’ exit in recent times. Last December, one of the company’s largest investors slashed the valuation of its stake by 90% to $13 million. However, the DL report noted that venture capitalists who backed OpenSea’s rise to fame may still be willing to pump capital into the company.