Home News OpenSea’s CFO denied plans for an IPO

OpenSea’s CFO denied plans for an IPO

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The new chief financial officer of OpenSea, Brian Roberts, denied information about the plans of the non-fungible token (NFT) marketplace to conduct an initial public offering (IPO). According to him, in case of such a decision, the company will try to take into account the interests of the community.

Speculation about OpenSea’s preparation for a public offering emerged after an interview with Roberts. Which he gave immediately after his appointment in December. In a conversation with Bloomberg, the CFO stressed that the marketplace is profitable and it does not need to attract financing for development.

At the same time, he said that the company can direct investors’ money to acquisitions; partnership agreements and the creation of joint ventures for further expansion in the market. The journalists of the publication added that the top manager is already planning an IPO.

“Inaccurate reporting on Opensea’s plans”

In the community, Roberts’ words were criticized, considering that in order to finance the company’s initiatives; it should issue its own token, and not look for funds on the stock market.

The founder of the DeFiance Capital fund, Arthur Cheong, said that his structure does not intend to invest in OpenSea.

Recall that in July 2021, OpenSea raised $100 million at a valuation of $1.5 billion. The venture capital firm Andreessen Horowitz (a16z) has become the investment leader, according to a company blog post.

The company plans to receive an estimate of $10 billion

Later in August, OpenSea’s daily volume exceeded its 2020 total. According to a message from OpenSea’s director and co-founder, Devin Finzer; the platform has recorded a whopping $95 million in total deal volume over two days. He also noted that this amount far exceeded the total transaction volume of about $21 million seen in the NFT market over the past year.

Furthermore, the NFT market has seen a significant increase in the number of investors who have joined in recent months; allowing artists and art enthusiasts to gain access to the global digital art marketplace.

In November, the media reported on the company’s plans to receive an estimate of $10 billion based on the results of a new round of financing. At the end of last month, the trading volume of NFT on the marketplace amounted to $2.37 billion.

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