NFT platform OpensSea new CFO Roberts denies plans of IPO

By Raffaele Redi

Roberts said the NFT platform was not planning an IPO, despite rumours circulating in forums

Logo of NFT platform OpenSea, in blue and white, shown on a computer screen                                 
The platform's boss made a statement after the IPO rumour was spreading on the internet – Photo: Shutterstock
                                

OpenSea’s new CFO, Brian Roberts, said the NFT platform is not planning an IPO.

Following the hire of Roberts, who was previously at Lyft and shepherded its IPO in March 2019, speculation was rife online about a possible public offering of OpenSea on the stock market.

However, Roberts tweeted out: “There was inaccurate reporting about OpenSea’s plans. Let me set the record straight: there is a big gap between thinking about what an IPO might eventually look like and actively planning one. We are not planning an IPO, and if we ever did, we would look to involve the community.” 

After a $100m series B round in July, the company, Ozone Networks Inc operating as OpenSea, reached a $1.5bn valuation, while having reached a $2.06bn trading volume in the previous 30 days, according to DappRadar, with the platform retaining 2.5% of each sale.

Hard times for OpenSea

The increasing number of competitors brought about the largest NFT platform to witness a downtrend in the last month; figures that may create a dilemma for possible stock investors.

The largest NFT recorded a 19% drop in the number of users, down to to 244,549.

Moreover, Data by Dune showed that in November the platform witnessed a trading volume of around $800m while it amounted to $2.3bn the month before. However, the data covers only Ethereum transactions.

The NFTs dominant blockchain, Ether, was hard hit recently by The Sandbox or Solana powered NFT projects, because of ETH high gas fees currently under the $30 level following the recent Arrow Glacier upgrade to cut transactions costs.

According to the last Sec filings by the US-based Ozone Networks Inc, the company recently offered around $27.5m securities to investors, selling just $25.4m, with the remaining $2.1m to be sold later.

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