OpenSea saw a 96% decline in revenue compared to ATH. The NFT slump has opened the door for acquisitions.

By Crypto Gloom On Jan 29, 2024

The non-fungible token market downturn 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 selling the project to potential buyers due to concerns about poor performance.

NFT slump pushes to acquire OpenSea

In an exclusive interview with DL News on Friday, Devin Finzer, CEO of the OpenSea NFT marketplace, revealed that OpenSea has received acquisition intent and is keeping the door open to a potential acquisition. This option comes as the NFT market continues to record poor market performance.

According to DL News, OpenSea CEO Devin Finzer said that OpenSea has received acquisition intent and is open to a potential acquisition, but did not specify when or who would acquire it, and that OpenSea is not currently actively seeking an acquirer.

— 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. NFT marketplace platforms provide an online marketplace where non-fungible tokens can be sold directly at a fixed price or through auction.

In an interview, Finzer noted that OpenSea may consider acquisitions in the future, but the NFT marketplace platform is not actively searching for a buyer. Instead, the chief advocated a strategy for navigating the uncertain tides of the digital collectibles space.

Finzer said the OpenSea NFT Marketplace is ready to embrace partnerships that align with its future vision. “I think we should definitely consider this in the future if the right partnership comes along,” Finzer said.

OpenSea NFT market status

OpenSea NFT Marketplace, which previously dominated the NFT market, has experienced a brutal decline over the past two years. The NFT downturn has caused NFT market platforms to lose their dominance to new platforms like Blur NFT Marketplace.

NFT transaction sales on OpenSea are down 96% from their all-time high in 2022, according to data compiled by on-chain data aggregator Dune Analytics. NFT transaction sales decreased from $3.5 billion to $127 million in February 2022. In the past 30 days, the NFT marketplace recorded $171 million in transaction sales.

Fortunately, the OpenSea team remains optimistic about NFTs despite their massive downfall. Last month, OpenSea doubled down on the potential of NFTs even as NFT market indicators appeared to be weakening. The NFT marketplace is set to launch “OpenSea 2.0,” a revolutionary marketplace platform upgrade focused on enhanced user experience and improved transaction access.

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