OpenSea Is Down 96% In Sales From ATH – NFT Slump Pushes It To Open Doors For Acquisition

Updated: 29 January 2024

Disclosure

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The non-fungible token market downturn experienced in the past two years continues to impact more NFT projects. OpenSea, one of the leading NFT market platforms, is the latest NFT project hinting about selling the project to potential buyers over the poor performance concerns.

NFT Slump Pushes OpenSea Opt For 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 record 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 did not specify when and who would acquire it, and said that OpenSea is not actively looking for acquirers at present.…

— Wu Blockchain (@WuBlockchain) January 27, 2024

Established 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 offers 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 even though OpenSea may consider an acquisition in future, the NFT market platform is not pursuing an active search for buyers. Instead, the top boss advocated for strategies to navigate the uncertain tides of the digital collectibles space.

Finzer indicated that OpenSea NFT Marketplace is ready to embrace partnerships aligning with its future vision. “We think that if the right partnership comes along in future, then that’s something we should certainly consider,” Finzer remarked.

OpenSea NFT Market Health

OpenSea NFT marketplace, which previously used to dominate the NFT market, has experienced a brutal comedown in the past two years. The NFT downturn has left the NFT market platform losing its dominance to newer platforms like Blur NFT Marketplace.

Data compiled by Dune Analytics, an on-chain data aggregator, indicates that NFT trading sales volume on OpenSea has fallen 96% from its all-time high in 2022. The NFT trading sales volume fell from $3.5 billion in February 2022 to just $127 million in January 2024. In the past 30 days, the NFT marketplace has amassed a trading sales volume of $171 million.

Fortunately, the OpenSea team remains bullish about NFTs despite suffering a massive downfall. Last month, OpenSea doubled down on the potential of NFTs even as NFT market metrics appear to wane. The NFT marketplace is set to launch its “OpenSea 2.0,” a revolutionary market platform upgrade focusing on enhanced user experiences and improved trading access.