OpenSea Says It Isn’t Going Public Yet amid Community Backlash

UTC by Oluwapelumi Adejumo · 3 min read
OpenSea Says It Isn’t Going Public Yet amid Community Backlash
Photo: Unsplash

Members of the crypto community have revealed that they would prefer if the NFT marketplace releases a token and airdrops some of these tokens to its users.

In light of the recent backlash caused by rumors that it could be going public soon, OpenSea, the largest NFT marketplace in the crypto space, has decided to retrace its steps by not going through with the decision. Earlier in the week, Brian Robert, the newly appointed CFO of the crypto startup in an interview hinted that the platform could be going public judging by its level of revenue and success. According to him, any firm of the stature of OpenSea would consider going for an IPO.

However, the crypto community greeted this revelation with some level of harsh criticism as they accused the firm of abandoning its community members. The consensus amongst many of those who registered their thoughts revealed that they were displeased with OpenSea because it got its success primarily through the effort of the community.

With the foregoing in mind, Brian Roberts, the former Lyft CFO, in a series of tweets has now come out to assure the public that the NFT marketplace is merely exploring the possibility and not entirely banking on the idea of going public. Per Roberts, OpenSea was only looking at “what an IPO will look like” if it ends up going public.

Roberts continued that the platform was also going to consider the community in its decision-making process. He stated that if OpenSea was going to go public, it would look at how it was going to incorporate the community into the fold.

Despite this level of assurance, many NFT investors and crypto enthusiasts generally are taking his words with a pinch because of his previous history with the ride-sharing app. In 2019, Robert played a pivotal role in Lyft’s IPO pursuit.

His statements during one of his interviews as the CFO of OpenSea has made some believe that he was hired to do the same job at the NFT marketplace.

Crypto Community Wants an OpenSea Airdrop, Not an Initial Public Offering

Members of the crypto community have revealed that they would prefer if the NFT marketplace releases a token and airdrops some of these tokens to its users. This way, they believe the platform would be rewarding its loyal users and it would also be towing the path of some popular crypto projects like Ethereum Name Service (ENS), popular decentralized exchanges Sushiswap and dYdX.

Community members also revealed their preference for the NFT platform to eventually become a decentralized autonomous organization (DAO).

While towing any of the highlighted paths by the NFT site would soothe the frayed nerves of the community, it might throw the crypto company into the books of the regulators who might classify funding gotten through this method as a violation of its securities law.

Blockchain News, Business News, Cryptocurrency news, IPO News, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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