OpenSea open for acquisition amid NFT market shifts: report – Crypto News – Crypto News
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OpenSea open for acquisition amid NFT market shifts: report – Crypto News

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1 year ago

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Non-fungible tokens (NFT) marketplace OpenSea is reportedly considering acquisition proposals.

According to DL News, OpenSea Chief Executive Officer Devin Finzer said the firm has not ruled out the possibility of selling the company, and indicated a willingness to engage with interested parties. 

”We think that if the right partnership comes along, then that’s something we should certainly consider,” Finzer reportedly told DL News. 

OpenSea has established itself as a dominant player in the Web3 space, facilitating the trade of NFTs, or digital assets that are unique and cannot be exchanged on a one-to-one basis. These unique digital assets often represent items such as art, collectibles, and virtual real estate. 

While the platform once accounted for most of the world’s second-hand NFT sales, rival marketplaces launched “vampire attacks” against OpenSea. 

In decentralized finance (DeFi), a vampire attack refers to a strategy where one platform lures away users and liquidity from a competitor by offering better incentives, lower fees, or improved features. 

Last year, NFT marketplace Blur’s token airdrop scheme helped the platform inflate its sales volume and attract customers. In January 2022, the NFT marketplace LooksRare launched a similar incentive structure to sway OpenSea’s customers. 

The NFT market has been in a resurgence. Last December, global NFT sales topped US$1.77 billion, the highest since recording nearly US$3.4 billion in May 2022, according to CryptoSlam. NFT sales is on pace to cross US$1 billion for the second straight month, the first time it has done so since last February.

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