OpenSea CFO denies IPO plans

OpenSea’s new chief financial officer Brian Roberts denied reports that the NFT marketplace planned to conduct an IPO. He said that if such a decision were made, the company would strive to take the community’s interests into account.

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 & actively planning one. We are not planning an IPO, and if we ever did, we would look to involve the community.

— Brian Roberts (broberts.eth) (@BKRoberts) December 8, 2021

There was inaccurate information about OpenSea’s plans. Let me clarify: there is a big difference between thinking about what an IPO might eventually look like and actively planning one. We are not pursuing this, and if we had such plans, we would seek to involve the community,

Speculation about OpenSea preparing for a public listing emerged after Roberts’s interview given shortly after appointment in December. In a Bloomberg interview, the CFO stressed that the marketplace is profitable and does not need funding to grow.

At the same time he said the company could direct investors’ money toward acquisitions, partnerships and the creation of joint ventures for further expansion on the market. Journalists from the publication added that the top manager already plans an IPO.

In the community, Roberts’s remarks were criticised, with many arguing that to finance the company’s initiatives it should issue its own token rather than seek funds on the stock market.

DeFiance Capital founder Arthur Cheong said his fund does not intend to invest in OpenSea.

Imagine being the largest and most successful NFT marketplace yet choosing to go for IPO instead of issuing tokens.

NGMI,

— Arthur (@Arthur_0x) December 6, 2021

TrustSwap CEO Jeff Kirdeikis also noted that he was disappointed by such a decision. In his view, an IPO would diminish OpenSea users’ loyalty.

Opensea going for an IPO instead of a community token, airdropped to their users, is about as tone-deaf as it gets.

NFT platforms are a dime a dozen these days, and loyalty changes quickly.

— Jeff Kirdeikis 🔁 (@JeffKirdeikis) December 6, 2021

In July 2021 OpenSea raised $100 million at a $1.5 billion valuation.

In November, media reported plans for the company to achieve a $10 billion valuation following a new round of funding.

Recall that last month NFT trading volume on the marketplace stood at $2.37 billion.