Once valued at more than $13 billion, NFT exchange OpenSea may now be up for sale.
The details: Speaking to DL News this week, CEO Devin Finzer stated that the company is open-minded about being acquired stating, ”we think that if the right partnership comes along, then that’s something we should certainly consider… we like to keep our options open.”
Finzer clarified in an email after the interview that, “We have no plans to be acquired, nor are we looking for a suitor. If something came up, we’d keep an open mind, but that is pure conjecture.”
Down, But Not Out
In November, hedge and venture fund Coatue Management wrote down the value of its $120 million stake in OpenSea by 90% to $13 million. This after leading the company’s Series C.
In it’s heyday, OpenSea accounted for more than 90% of the NFT market volume. But, since the launch of competitor Blur combined with the overall collapse of the NFT market, OpenSea’s market volume has dropped to ~25%.
Why it matters: While the overall cryptoasset market has seen a modest rebound, the NFT market has been slow to recover. OpenSea putting a small “for sale” sign on the door indicates they may have more of an impact inside of a company with more network effects.