OpenSea touches every aspect of the NFT trade, but there’s more to the company than meets the eye.
It was an awkward moment but a revealing one. A year into the NFT boom, it’s hard to mint a collection or list a token for sale without somehow interacting with OpenSea. The company has become the central broker and the de facto enforcer of community rules. When an ape gets stolen, the rightful owner— and the platform has become the single most important chokepoint for blocking a sale. It’s also the largest single market any time a token is listed.
“I think the question is, is OpenSea like an AOL or a Netscape, or are they going to be able to maintain their hold on the market,” said Brian Krogsgard, who hosts the Ledger Status podcast. “And I think that’s a very open question.” with an eye towards capturing that potential. CryptoKitties charged a 3.5 percent commission on all sales, so OpenSea lowered the number to 2.5 percent and set to work building a broader platform. The two co-founders were young but already well-seasoned: CTO Alex Atallah was working for a millennial-focused polling firm, while CEO Devin Finzer had already founded a claim-searching company acquired by Credit Karma.
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