See More

OpenSea CFO Swats IPO Rumors Away After Ambiguous Fundraising Comments

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • OpenSea CFO Brian Roberts dismissed recent rumors about an IPO.
  • The firm is looking to raise funds for various growth and expansion initiatives.
  • OpenSea is the most popular platform in the market, with monthly volumes consistently exceeding $1 billion.
  • promo

OpenSea CFO Brian Roberts has clarified that the NFT marketplace is not planning an IPO any time soon. The clarification comes following recent rumors that the company was looking to raise funds.

The CFO of NFT marketplace OpenSea, Brian Roberts, has confirmed that the team is not planning an IPO. Rumors have emerged in the past few days that the company was thinking of going public, but the latest statement confirms that it is not an imminent possibility.

Bloomberg first reported the news on Dec 6, which also covered Robert’s entry into the OpenSea team, which only happened in the first week of the month. It noted that OpenSea was looking to raise funds, though that was in the early stages. Roberts had said that with a company “growing as fast as [OpenSea], you’d be foolish not to think about it going public,” which is where the rumors stemmed from.

In the tweet, however, Roberts said that there was a big gap between “thinking about what an IPO might eventually look like and actively planning one.” Perhaps the idea was just thrown about in the team, but not one that was taken very seriously — at least for now. He also added that if OpenSea ever did plan an IPO, it would look to involve the community.

The crypto community seems less than enthusiastic about OpenSea planning an IPO, however, saying that the success of the platform is because of the community. With an IPO, investors would have more influence on the platform.

It\s not surprising that rumors exist of a potential IPO, as OpenSea has been doing phenomenally well. It’s currently the top NFT marketplace on the market, with volumes considerably exceeding those of other platforms.

OpenSea volumes and usage are still strong

NFTs have taken over DeFi in terms of hype and daily headlines, as more and more celebrities and companies take to the unique asset. The surge in popularity has led to major milestones for OpenSea, including crossing $10 billion in all-time sales volumes in November 2021.

Monthly trading volumes have also been consistently breaking the $1 billion mark, which is proof that interest isn’t flagging. New trends in the NFT space, as well as the crypto market in general, have supported the growth of these assets.

For instance, the ease of creating an NFT has led to many lesser-known artists minting NFTs on OpenSea. While it is often the larger sales that catch the attention of the media, platforms like OpenSea have led to good revenue for these artists.

Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Rahul-Nambiampurath.jpg
Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
READ FULL BIO
Sponsored
Sponsored