Non-fungible token (NFT) platform OpenSea has hired a new CFO: Brian Roberts. The latter was in a similar position at Lyft. This move suggests that the company is considering an IPO in order to move towards traditional governance
Seeking an IPO for OpenSea
In an article relayed by Bloomberg media, we learn that the non-fungible token platform (NFTs) OpenSea has hired a new CFO.
The position has been filled by Brian Roberts. The latter held a similar position at Lyft, a ride-sharing application.
As much as I love Lyft, the growth of web3 companies and in particular OpenSea’s market for NFTs, or non-fungible tokens, made it an easy choice. I haven’t been this excited about something in a very long time. It reminds me of eBay in 1995,” said OpenSea’s new chief financial officer.
Other than that experience at Lyft, Brian Roberts was a global development manager for Microsoft and also worked for Walmart to lead a mergers and acquisitions team.
However, OpenSea’s new CFO does not have experience in the blockchain or cryptocurrency sector.
With this new hire, OpenSea is reportedly considering an IPO. Indeed, Brian Roberts has stated that he is working towards this:
When you have a company that is growing as fast as this one, you’d be crazy not to think about going public. It would be well received in the public market given its growth.
It is true that since the NFT craze, the OpenSea platform has become a pioneer in this sector. To support this, the company handles nearly 98% of the total volume of NFTs and was the first to surpass $1 billion in terms of transactions.
Every day a new company is entering crypto, 25% of US households own bitcoin, OpenSea just hired CFO from Lyft, etc.
We are at the beginning of a technological revolution and Cross-Chain Capital gives you exposure to the best investments with minimal effort.
– Cross Chain Capital (,) (@cchaincap) December 6, 2021
Users mixed about this announcement
Of course, an IPO would allow OpenSea to acquire companies and enter into partnerships to expand the use of NFTs
I’ve seen a lot of income statements, but I’ve never seen an income statement like this,” said Brian Roberts
It’s true that the company is enjoying strong growth and profitability. However, users remain mixed on the prospect of an IPO.
For them, it is a bit like going back to the traditional sector and turning their back on decentralisation. In other words, the public would prefer financing via an airdrop, and therefore the creation of a token.
This is what Arthur Cheong, founder of DeFiance Capital, wrote in a tweet:
Imagine being the largest and most successful NFT marketplace yet choosing to go for IPO instead of issuing token.
NGMI.
– Arthur (@Arthur_0x) December 6, 2021
Anyway, OpenSea has not stated that it will put aside the idea of issuing a token, so anything is possible. Moreover, the idea of a hybrid model may be possible in practice. That is, combining an IPO and a token issue for the community.
OpenSea’s CFO hiring has triggered the Web3 maxis pic.twitter.com/9O7K5krkes
– Zack Seward (@zackseward) December 6, 2021
