OpenSea’s IPO plans have been criticized by the NFT community

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Key takeaways OpenSea has hired a new CFO, Brian Roberts. He told Bloomberg he plans to go public with the company. Roberts recently joined OpenSea from Lyft, the company he helped go public in 2019. Several prominent voices in the NFT community have expressed disappointment at the move, saying OpenSea is abandoning its users. Share this article

Former Lyft CFO Brian Roberts has joined OpenSea and plans to go public, but many in the NFT community disapprove.

Initial public offering of OpenSea Planning

One of the biggest winners of this year’s NFT boom looks set to host an initial public offering.

OpenSea plans to raise funds through an IPO, the company’s new CFO Brian Roberts revealed in an interview with Bloomberg on Monday. Roberts was an integral part of the Lyft ridesharing app’s successful IPO in 2019 and now looks set to bring his playbook to the crypto startup.

“When you have a business that grows as fast as this one, you’d be foolish not to think about going public,” said Roberts, who also pointed to OpenSea’s impressive financial record. “I’ve seen a lot of P&L (profit and loss accounts) but I’ve never seen P&L like this,” he said.

As Roberts strives to bring OpenSea to the public, collectors and artists at NFT are not taking the news well. Several prominent voices in the NFT space have taken to Twitter to express their disappointment at the decision.

Wait what? OpenSea does an IPO? Disappointed. Your platform is successful because of the community, and you can’t give back.

– Ace ♠ ️ / LivingPixelated.eth (@LivingPixelated) December 6, 2021

Many in the crypto community had previously speculated on an OpenSea token drop for its users, an increasingly common practice among crypto projects. One of the most recent major airdrops involved the Ethereum Name Service, which last month distributed governance tokens to those who had purchased .eth domains in a bid to decentralize the business through a DAO.

However, now that OpenSea is planning an initial public offering, a token launch seems less likely. Instead, the company is looking to raise more funds from investors. According to Roberts, the company “doesn’t need to raise more cash” but wants to use the funding from an IPO “to acquire businesses, enter into partnerships and form joint ventures to further expand the use. from NFTs to new industries “.

In response, many OpenSea users and NFT collectors feel that the company has abandoned its users in favor of investors. Some have suggested that OpenSea would not be the successful business it is today without the support of its community. “It’s a shame to hear @opensea sell itself and go IPO,” wrote a Twitter user by the name of Punk_2070. “Their VCs didn’t get them to where they are today. We were doing. “Basedkarbon remarked that” anyone who has had the annoyance of speaking with OpenSea community support would know that OpenSea doesn’t care about the community at all. “

It’s a shame to hear @opensea sell itself and do an IPO.

Their VCs didn’t get them to where they are today. We were doing.

Just another reason I can’t wait for @Coinbase_NFT. If we are using company vehicles, we might as well use the one that will not go down three times a week.

– 2070 (@ Punk_2070) December 6, 2021

As the first NFT marketplace to gain popularity, OpenSea handled the lion’s share of NFT trading on Ethereum, reaching a record transaction volume of $ 3.4 billion at the height of the NFT craze in August. OpenSea recently partnered with auction house Christie’s for several high-value NFT auctions from established NFT artists such as Blake Kathryn and Fvckrender.

Disclosure: At the time of writing this feature, the author owned ETH and several other cryptocurrencies.

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