OpenSea Raises Money, Bans NFTs; OpenSea’s Value; Crypto’s Aggregators

Katie: Not everything in crypto is decentralized in terms of business models. For example, Coinbase is a centralized exchange. Like Coinbase, OpenSea is centralized. The difference between the tech giants and OpenSea is that OpenSea takes a modest take rate on every sale. The powerful difference is that the vast majority of the money that is being ... See more

The technology behind OpenSea is not quite “OpenSea keeps a list, in Excel, of who owns which NFTs.” The underlying list is kept on the blockchain; it’s just that OpenSea can modify its version of the list however it wants, and its modifications are in practice pretty binding. And in fact there are regular rounds of stories in which (1) some gullib... See more