The non-fungible token market downturn of the past two years continues to impact more NFT projects. OpenSea, one of the leading NFT market platforms, is the latest NFT project to hint at selling the project to potential buyers due to concerns over its poor performance.
NFT crisis forces OpenSea to make an acquisition
In an exclusive interview with DL News on Friday, Devin Finzer, the Chief Executive Officer of OpenSea NFT Marketplace, revealed that OpenSea has received acquisition intentions and remains open to potential acquisitions. The option comes as the NFT marketplace continues to post poor market performance.
According to DL News, OpenSea CEO Devin Finzer revealed that OpenSea has received acquisition intentions and remains open to potential acquisitions, but he did not specify when or who it would acquire, and said OpenSea is not currently actively looking for acquirers.
— Wu Blockchain (@WuBlockchain) January 27, 2024
Founded in 2017, OpenSea is an American non-fungible token marketplace headquartered in New York City. The NFT project is led by Devin Finzer and Alex Atallah. The NFT market platform provides an online marketplace, allowing non-fungible tokens to be sold directly at a fixed price or through an auction.
During the interview, Finzer noted that while OpenSea could consider an acquisition in the future, the NFT market platform is not actively looking for buyers. Instead, the top boss advocated strategies to navigate the uncertain tides of digital collectibles.
Finzer indicated that OpenSea NFT Marketplace is ready to embrace partnerships that align with its vision for the future. “We think that if the right partnership comes together in the future, this is something we should definitely take into account,” Finzer said.
OpenSea NFT Market Health
The OpenSea NFT marketplace, which previously dominated the NFT market, has experienced a brutal downturn over the past two years. Due to the decline of the NFT, the NFT market platform has lost its dominance to newer platforms such as Blur NFT Marketplace.
Data collected by Dune Analyticsan on-chain data aggregator, indicates that NFT trading sales volume on OpenSea has fallen 96% from an all-time high in 2022. NFT trading sales volume fell from $3.5 billion in February 2022 to just $127 million in January 2024. over the past 30 days, the NFT marketplace has reached a trading sales volume of $171 million.
Fortunately, the OpenSea team remains bullish on NFTs despite a huge downfall. Last month, OpenSea doubled down on the potential of NFTs, even as NFT market metrics appear to be declining. The NFT marketplace is about to launch its “OpenSea 2.0,” a revolutionary upgrade to the marketplace platform that focuses on improved user experiences and enhanced trading access.
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