NFT Birdies
30 Jan 2024

OpenSea is in trouble: the CEO of the marketplace is prepared to sell it

    OpenSea, the once-dominant player in the booming NFT marketplace, commanding an impressive 90% of the market share, has recently experienced a startling downturn. The platform's monthly volume has plunged by a staggering 96% when compared to its performance in January 2022. This significant reduction has allowed its primary competitor, Blur, to take the lead. Blur is now outpacing OpenSea in daily trading volume, generating a robust $18 million, which is nearly five times more than what OpenSea has been able to muster.

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    These recent developments have prompted the CEO of OpenSea, Devin Finzer, to consider the possibility of selling the site. During a recent interview with DL News, Finzer candidly expressed his readiness to entertain attractive offers for the platform. Yet, the landscape remains shrouded in uncertainty, as it is not clear whether any concrete offers have been tabled or who the potential suitors might be.

    Speculation is rife, with former OpenSea partners such as Andreessen Horowitz, Paradigm, and Coatue Management being touted as possible contenders for the acquisition. These are firms that have previously shown their interest in the platform, and may see this as a golden opportunity to consolidate their positions in the lucrative NFT marketplace.

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