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OpenSea denies plans to go public amid community backlash

OpenSea

TL; DR Breakdown

  • OpenSea denies plans for public listing
  • Users show displeasure at the move
  • OpenSea records $1.2 billion in 30 days

Over some days, rumors were flying around that NFT marketplace, OpenSea was set for a public listing. After the news, users on the platform began to show their displeasure at the move. However, following the displeasure and backlash, OpenSea has announced they have no plans for a public listing in the coming days. The backlash began following a statement by the CFO of the platform, Brian Roberts, who hinted about the company going public.

Users show their displeasure at the move

While the news continued to make the rounds, the platform users came all out to show their grievances. According to a ton of the marketplace users, the company wants to use the IPO to give institutional investors a share of the company. Presently, most of the users on the platform are retail traders who spend nothing more than $10,000 in carrying out their transactions. Showing her displeasure at the move, a Twitter user mentioned that the company forgot it was the community behind its success and not ignore them. Another user mentioned that if the IPO eventually takes place, he would move to Coinbase when it launches its NFT.

OpenSea records $1.2 billion in 30 days

Asides from users being afraid over a sell-out to institutional investors, others thought that the company’s earlier motion for a governance token would be stopped in its track. One user mentioned that it was not shocking that the company was opting for a public listing instead of promoting its governance token. He further mentioned that the platform does not value its community members, and anybody would know if they had a conversation with the support.

Roberts mentioned that news stations and platforms caused this great misunderstanding as they refused to report his statement accurately. Reacting to the displeasure, he positioned that it takes a great deal to organize a public listing, and the company was not tolling that area at the moment. He also mentioned that if that were ever in the works, OpenSea would make sure its community is actively involved in the process.

OpenSea has continued to cement its place at the top in terms of trading volume, with the platform recording about 1.1 million transactions, making $1.2 billion in the process. Also, in the last 30 days, OpenSea has recorded the onboarding of about 250,000 users. During this period, OpenSea has recorded a $50 million gain as its transaction fees are set at 2.5% of any trade.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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