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OpenSea Denies IPO Plans After Community Backlash

The world’s top nonfungible token (NFT) marketplace OpenSea is denying intentions to pursue a public listing any time soon.

More so, Chief Financial Officer (CFO) Brian Roberts raised a public backlash this week. Of course, this is after telling Bloomberg that “it would be foolish not to think about going public.”

Consequently, The statement results in an uproar among OpenSea’s crypto native NFT community. Whereby, some consider a public listing of the platform as a sell out to large institutional investors. Also, majority of users on OpenSea execute transactions below $10,000 at some time.

“Sucks to hear @opensea is selling out and doing an IPO,”
That’s, according to Twitter user @Punk_2070, complaining the community.

“Just another reason why I can’t wait for @Coinbase_NFT…”
“If we are using corporate vehicles, we might as well use the one that won’t go down three times a week.”

Furthermore, Users are angry that a share market listing would put out rumors about the platform planning to airdrop governance tokens.

Of course, beside the longstanding community members in a similar fashion to Uniswap.

“No surprise that OpenSea is doing an IPO instead of community governance.”

“Anyone who’s had the displeasure of speaking with OpenSea community support…”
“would know that OpenSea doesn’t care about community at all.”

“They’re not web3, they’re tradfi 2.0”
— davis (@basedkarbon) December 6, 2021

However, Roberts only says the while drama is a misunderstanding. Then, goes on to blame “inaccurate reporting on Opensea plans” in a Dec. 8 tweet.

“Let me set the record straight: there is a big gap between thinking about what an IPO…”
“might eventually look like & actively planning one. We are not planning an IPO,…”
“and if we ever did, we would look to involve the community.”

More so, OpenSea NFT marketplace is a hot property, recording $2 billion in trading volume from 1.1 million transactions. Also, about 250,000 users in over the past 30 days alone. Lastly, OpenSea NFT marketplace takes 2.5% from every trade, representing earnings of over $50 million in revenue during that time frame.

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