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OpenSea Buy Out Just Rumors?

CEO Devin Finzer back tracks comments + more

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All the NFT, web3, and crypto news you need in one Drop!


Here is the breakdown of today's newsletter:

🚀 Web3 Drop
👀 OpenSea Buy Out?
♟️ NFT Marketplace War Visualized
🕹️ Disney’s New VR/AR Tool
📈 Crypto Breakdown

Reminder: If there is something you think we can do to make this newsletter better (content, format, etc.) please respond to this email with your feedback!

  • Lazy Lions: A full squad of new owners have taken the lead of the once popular NFT project Lazy Lions. The new ownership is @TLeeTrades, @localcryptogod, @Sola_Origin, and @Web3Kaneco.

  • Pudgy IP: With the help of OverpassIP, Pudgy Penguin and Lil Pudgy holders can now submit their NFTs for IP licensing in the hopes of getting individual brand deal. Holders are submitting for two new toy lines using the OverpassIP beta. This is a HUGE step for the NFT space. See the full thread breaking it all down here.

  • NiftyKit: A no code NFT solution, integrates with Coinbase Base Blockchain hoping to revolutionize NFT creation (BC)

  • Cristiano Ronaldo: As the Binance lawsuits in the background wage on, Ronaldo played football with holders of his NFT collection in a Binance-sponsored training event. (CT)

  • Ordinal Poem: (DC)

OpenSea’s Open To Acquisition?

Like most things in this space, it ALLLL started with a tweet.

News broke out all over X that the CEO of OpenSea Devin Finzer is “open minded” to acquisition rumors. 

After the news rocked the media Finzer started to back track and put various statements including “We have no plans to be acquired, nor are we looking for a suitor. If something came up, we’d keep an open mind, but that is pure conjecture.”

Below is another back track statement made on X by Finzer:

💡 Why is this important?

  • OpenSea once touted a $13.3 Billion valuation but as NFT marketplaces such as Magic Eden and Blur came into the race things have gotten shaky

  • OpenSea once had 90% of the NFT marketplace market share but now BLUR does 5x more daily trading volume

  • OpenSea has felt the heat from various marketplaces offering tokens and other incentives to get users to switch over

The question remains: was CEO Finzer’s back track comments just corporate mumbo jumbo? Many see it as such - the space feels like OpenSea is feeling the heat and want out.

What Marketplace do you primarily use?

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  • Coinbase’s Base: Acquired 2M users last year after 6 months (BW)

  • Tesla: Now owns over 9K BTC ($385M) (TB)

  • Silk Road: US files notice to sell $130M of BTC linked to illegal marketplace (BW)

  • ETH Layer 2s: Transaction fees surged 400% last year (TD)

  • ARK: Bought $6.2M of its own BTC ETF last week (M)

Augmented and Virtual Reality games just got a huge “step” in the right direction. Disney announced their Holotile floor that allows users to essentially walk in place. This could have huge application to AR/VR video games and experiences. It’s definitely worth taking a peep below at the video.

As you can see, last week BLUR dominated volume marketshare. This is a complete flip in market share compared to two years ago.

If you want to see more analytics on NFT marketplaces click here.

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That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

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Written by: Gannon Breslin

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.