Is it due to a decline in market share?
It seems possible that the former No. 1 NFT marketplace “OpenSea” may be acquired in the future.
The cooling of the NFT market in 2023 dealt a major blow to OpenSea, which is valued at $13.3 billion. It has been overwhelmed by rival marketplaces such as Blur in volume and incentive design, and has fallen to 3rd place in the current volume ranking, down 96% from its peak in January 2022. Not only Blur, but also OKX NFT Marketplace, which handles Bitcoin Ordinals, is outperforming OpenSea by a wide margin.
Amid questions about OpenSea’s market strategy, OpenSea CEO Devin Finzer revealed in a recent interview with foreign media, “If the right partner comes along, we definitely think it’s something we should consider.” However, he said the company is not actively looking for an acquisition and has no immediate plans to be acquired.
OpenSea received significant venture capital backing during the 2021 NFT boom, with Andreessen Horowitz, Paradigm, CoreChu Management, and actor Ashton Kutcher also participating in the funding round. However, shareholder Coatue Management reportedly cut the valuation of OpenSea’s shares by 90% to $13 million last November.
OpenSea’s strength is the scale of its user base, and many projects are still running NFT mints on OpenSea. On the other hand, regarding user incentives, it has been expected for some time that the company will issue its own tokens, but as it is a US company, it is said to be subject to regulatory restrictions.
Additionally, since Bitcoin Ordinals has become a mainstream market since the second half of last year, many are calling for OpenSea to start handling it in order to maintain and expand its users.
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