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Wednesday, January 19, 2022

OpenSea Backtracks On IPO Front: CFO Brian Roberts Says Matter ‘Inaccurately Reported’

Brian Roberts, OpenSea’s new CFO, has made clear that the largest marketplace for NFTs has no plans to go public, though it is studying the implications of doing so, according to a report by Crypto Economy. There has been sharp criticism after rumors started that the top non-fungible token could go public.

Detractors immediately hit back at the OpenSea news and said that an IPO could adversely affect the overall crypto market. OpenSea is among the largest of the NFT companies, and users are not supportive of the company going public.

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Roberts tweeted that he had been reported inaccurately about his future plans for the company. He clarified that what he had said was that he wanted to see what an IPO looked like. And that is a big difference from OpenSea actually going public.

Roberts Assures Community Involvement In Future OpenSea Public Plans

Roberts said that even if OpenSea plans to go public in the future, it will involve the community in all its plans. Roberts had in earlier interviews had hinted about going public, saying that OpenSea was growing at a scorching pace and an IPO was a rational thing to consider.

Critics of the potential public offer said that if the company decides to go for an IPO, the platform would backtrack on governance tokens for committed members in a plan similar to Uniswap. But Roberts said that the company could introduce a token, everything was fluid at this stage.

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OpenSea had less movement in September as sales volume fell around 50% from a high in August. The value had been $792M derived from 156,811 trades, according to data released by Cointelegraph.

The NFT marketplace involves huge money where under a stock market listing or community governed. In the past 30 days, trading volumes have touched $2B from 1.1M transactions done by 250,000 users. The platform takes 2.5% from each trade. That comes to around $50M revenue earnings within that period.

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