OpenSea, the once-dominant player in the non-fungible token (NFT) market, is currently facing significant challenges as the industry continues to change. In a recent interview with DL News, CEO and co-founder Devin Finzer discussed the platform’s open-minded approach to possible acquisitions, including the prospect of being acquired itself.

Purchases in the Air

Finzer said that OpenSea has attracted acquisition interest; however, specifics on possible deals, like timing and interested parties, are yet unknown. This news coincides with OpenSea’s ongoing struggles due to a precipitous drop in monthly trading volume, which fell by 96% to $171 million in January 2022.

From Supremacy to Recession

OpenSea used to hold nearly 90% of the market share in the NFT industry, but younger competitors like Blur have made it harder for them to maintain their dominance. Since going live in late 2022, Blur—a relatively new player—has quickly overtaken OpenSea, with a daily trading volume of $18 million, which is roughly five times higher than OpenSea’s current total.

Finzer acknowledged Blur’s ascent but expressed assurance in OpenSea’s commitment to creating a brand that places a premium on user safety through the removal of phony or harmful collections. He accused Blur of taking short cuts in legal and regulatory affairs.

Talent is the primary criterion for acquisition

OpenSea has made purchases of its own, such as Mintdrop, a platform that enables producers to swiftly launch their collections onto the market, Dharma, an early cryptocurrency wallet, and Gem, an NFT aggregation tool. Finzer says that talent is a crucial factor in any purchase, especially for those people who have launched their own ventures and are looking for a more established home.

NFTs in the Common Context

Finzer is upbeat about NFTs’ growing adoption among mainstream brands despite the challenges. He revealed that OpenSea is working with CEOs to create customized NFT projects and is actively interacting with luxury brands. Finzer observed a higher level of sophistication in conversations with companies this year, even though luxury labels like Louis Vuitton and Gucci joined the cryptocurrency field in 2021.

Overcoming Obstacles and Changing Patterns

In the fall of the previous year, OpenSea went through a difficult time that resulted in the layoff of half of its employees. Finzer made it clear that the restructure was not a reaction to budgetary constraints, but rather an attempt to build a smaller, more agile staff. Finzer sees positive tendencies emerging despite obstacles, like consumers exchanging NFTs for tangible things and brands entering the metaverse with entirely digital experiences.

Despite these difficulties, OpenSea continues to be open to the idea of acquisitions, indicating a readiness to adjust and look for new opportunities in the constantly changing NFT market.