Verse
Contents
Letter to OpenSea
This letter outlines our proposal to acquire OpenSea, our view on where the NFT market is heading, and why we believe combining Verse and OpenSea is the right path forward for both companies, their shareholders, and the industry.
The NFT Market Is Entering Its Next Phase
OpenSea built the leading NFT marketplace and helped bring NFTs into the mainstream. It became the defining platform of the market’s first phase, driven by trading.
The next phase of the NFT market will be driven by collecting.
The Market Will Get Much Bigger
The value of any given NFT is underpinned by the strength of the IP behind it. The more famous and enduring something becomes, the more exciting it gets to own, and the more confidence it commands as a store of value.
Over time, the total value of the IP backing NFTs will grow, as existing big brands mint onchain, and as web3-native brands become better known beyond the space.
The more this happens, the more we’ll see collectors wanting to buy and hold culturally meaningful assets they identify with.
Different Buyers, Different Solutions
OpenSea is built for traders. But traders and collectors have different needs.
- Traders prioritize liquidity, speed, pricing, and breadth of inventory
- Collectors prioritize discovery, curation, identity, storytelling, trust, and ease of ownership
As the market matures, we anticipate specialized platforms emerging across digital art, music and media, sports collectibles, RWAs, fundraising, memberships, ticketing, experiences, and more.
Verse Provides the Tools
These platforms will need minting, payment, CMS & custody tools. Verse will provide them.
Originally launched as a curated digital art marketplace designed to make collecting simple for mainstream users, Verse will soon expand into infrastructure - with a product that lets anyone:
- Launch an NFT platform easily
- Handle minting, payments, and sales on their own site - accessing everything in Verse’s toolkit
The Opportunity
Verse helps power the platforms to bring the next generation of collectors into NFTs. OpenSea is where they go to trade. Together, the combined company would own the full collector journey.
This transaction gives OpenSea shareholders:
- Exposure to a much larger long-term audience
- Participation in the NFT industry’s next phase of growth
- Ownership in a business built around higher retention and lifetime value
Financing
The proposed transaction would be funded through a combination of Verse equity, strategic capital, and human resources. OpenSea shareholders would receive meaningful ownership in the combined company, aligning incentives around long-term value creation.
Verse is in discussions with capital partners to support the transaction and future growth, and expects to structure the transaction in a disciplined and flexible manner.
Closing
OpenSea led the first phase of NFTs. Collecting will shape the next one. This transaction will create the company that drives it.