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

Aggregators are incentivized to limit composability. By contrast, the value of a web3 token may actually increase when composed with other systems. The money flowing through web3 is mediated by open source smart contracts, rather than closed source software owned by corporations. This feels completely asymmetric. I cannot imagine a Facebook or Goog... See more

The people at the end of the line who are flipping NFTs do not fundamentally care about distributed trust models or payment mechanics, but they care about where the money is. So the money draws people into OpenSea, they improve the experience by building a platform that iterates on the underlying web3 protocols in web2 space, they eventually offer ... See more

These successful companies in most cases weren’t true platforms, but aggregators, locking in demand and exerting central control.