OpenSea Founder: No Acquisition Plans But Not Ruling It Out, Blur Taking Shortcuts in Regulation

Hit by the NFT crash last year, OpenSea has struggled to justify its once $13.3 billion valuation, but now it is in the spotlight for another reason - acquisition.

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OpenSea: Open to Transactions

During an interview with DL News, OpenSea CEO and co-founder Devin Finzer expressed openness towards the idea of acquisition:

The honest answer is that we are taking a pretty open stance on this. It's not that we are actively seeking a sale, but if the right partnership opportunity comes along, then of course we should consider it.

Note: Devin Finzer pointed out that OpenSea is open to acquiring other companies or being acquired, but there are no specific plans for acquisition at the moment.

"Seeking Talent" is the Main Goal

OpenSea has been involved in multiple transactions, including the acquisition of NFT aggregation tool Gem in 2022, early crypto wallet Dharma, and Mintdrop.

Devin Finzer emphasized that in acquisitions, he primarily seeks talent:

The most passionate people are those who have started their own projects, those who have an entrepreneurial spirit. Perhaps they have not achieved their ideal level in their own entrepreneurial projects, and they happen to be looking for another place to go.

OpenSea announces acquisition of NFT floor price tool Gem, providing a professional investment experience

Unconcerned with Blur

Although OpenSea's user base is still higher than that of the NFT emerging platform Blur, the latter has a daily trading volume of about $18 million, roughly five times that of OpenSea.

Devin Finzer stated that he is not bothered by Blur's performance; he is solely focused on building OpenSea as a brand and is committed to delisting any problematic or fraudulent collections to ensure user safety.

However, he did criticize Blur slightly:

We found that Blur has taken many different approaches from OpenSea, whether in terms of legal or regulatory matters, and they have even taken many shortcuts in response.

The interview also touched on layoffs, with Devin Finzer emphasizing that the restructuring is to operate more flexibly in the market, rather than downsizing due to financial pressures.