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- 1 OpenSea, one of the top NFT marketplaces is open to various negotiations.
- 2 The platform is facing a tough contest from Blur, which could be one of the main reasons behind Devin Finzer’s announcement.
OpenSea, one of the biggest NFT marketplaces is now open for sale, as per the CEO’s word. Devin Finzer, the CEO and co-founder of OpenSea announced that the platform is open for various negotiations and sales. The strong growth of Blur, an emerging NFT marketplace, is emerging as a potential reason behind Finzer’s decision.
Why OpenSea is Open for Sale?
Devin Finzer on January 27, told DL News that OpenSea company is prepared for an open-mind deal. The platform is open to various negotiations, partnerships, and sales as well.
“The honest answer is that we have a rather open approach. We believe that if the right partnership were to present itself, then it would be something worth considering”, said Devin.
The CEO can also go for the sale of OpenSea at stake, as they received an application for acquisition. However, Devin Finzer hasn’t revealed the name of the individual.
OpenSea platform faced difficulty in justifying its $13.3 Billion valuation in front of Blur, a zero-fee NFT marketplace introduced in 2022. Blur’s strong growth and expansion in the NFT marketplace made Devin Finzer reach the decision.
Furthermore, in the first week of January 2024, Finzer announced meetings with luxury brand executives to create custom NFT projects and take part in Fashion Week in Paris. Also, the dismissal of employees, last November for significant organizational transformation showcases OpenSea’s efforts for an effective comeback.
Despite all these efforts and actions, Devin Finzer finally announced open negotiations for the platform.
OpenSea Vs Blur
OpenSea, once accounted for over 90% of the NFT industry, now shrunk to a monthly reading volume of $171 Million, a drop of 96% since January 2022.
Blur on the other side, played well on the NFT pitch, and somehow managed to generate the current daily trading volume of over $18 Million, which is around five times higher than that of OpenSea. Blur, no doubt emerged as one of the biggest rivals of OpenSea at present.
According to the Dune report, Blur is performing well in terms of users, volume, and trade count.
In the past week, OpenSea had over 25,013 traders whereas Blur had nearly 37,094 traders. Focusing on volume, Blur holds $135.2 Million and OpenSea holds $35.8 Million in the past 7 days. Additionally, Blur performed over 69,587 trades in the past week whereas OpenSea carried nearly 52,692 trade counts.
In terms of daily volume, Blur is doing well in comparison to OpenSea. In the past month. On 18 January, Blur hit a daily volume of $34.9 Million, and OpenSea on the other hand, reached around $6.8 Million that day.
However, OpenSea holds more daily users in comparison to Blur. On January 21, OpenSea recorded 9,134 daily users whereas Blur counted for 5,192 users.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
