OpenSea

Basics

• Based in:
• Founded in: 2017
• Mainnet release:

• OpenSea — Buy and sell NFTs

• From the CoinDesk 50:

"Founded by former Pinterest engineer Devin Finzer, OpenSea has developed into the Etsy of crypto. The idea of scarcity of digital items was once unthought of, but now the largest general marketplace for crypto collectibles features more than 300 categories and over 10 million such items. Anything from CryptoKitties to artworks and game pieces can be trustlessly bought and sold by users from around the world. Having dominated the non-fungible token market, OpenSea is seeing traction outside of the crypto ecosystem by expanding into asset classes like domain names, software licenses and even physical assets."

History

• From Decrypt (18-3-2021):

"OpenSea was founded in 2017, as a product of Y Combinator’s startup accelerator program."

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• From Week in Ethereum (11-6-2022):

"OpenSea Wyvern vulnerability disclosed, $3 million bounty paid."

• From Decrypt (29-1-2022):

"OpenSea has now reimbursed 750 Ethereum, about $1.8 million, to users who accidentally sold valuable NFTs at well below their going market rate through an exploit involving “inactive listings.” Recently, several users of the leading NFT› marketplace had complained that their blue chip NFTs, such as those belonging to the Bored Ape Yacht Club (BAYC) collection, had been purchased at old, cheap listing prices. These listings were never canceled on the blockchain, even though the user interface on OpenSea suggested that they had been."

• From Blockthreat (2-11-2021):

"OpenSea patched an actively exploited XSS vulnerability in its marketplace after it was disclosed by Check Point. The vulnerability allowed attackers to execute JavaScript code and interact with users’ wallets by airdropping specially crafted NFTs."

• Their Head of Product Nate Chastain got caught with his hand in the cookie jar (17-9-2021):

"OpenSea has parted ways with Nate Chastain, its former head of product, after the executive was discovered profiting from the trade of NFTs based on inside information."

Governance

Admin Keys

• From Decrypt (31-12-2021):

"After a collector said he lost his NFTs in a phishing attack, the top NFT marketplace reportedly stepped in to help him recover the assets. Kramer later said tweeted that “All Apes are frozen” and that OpenSea, the biggest NFT marketplace, was helping him recover his stolen assets." The collector also mentioned that he had not been using a hardware wallet.

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on: Ethereum and Immutable X (1-4-2021)

Compliance

• From The Defiant (1-6-2022):

"Nate Chastain, the former head of product at OpenSea, left under a cloud after it was discovered that he purchased NFTs before they were featured on his former employer’s homepage and subsequently sold them as the increased exposure led to higher prices.

Now, the U.S. Attorney’s Office for the Southern District of New York has issued a statement that Chastain was arrested on June 1 in New York City. The FBI will charge Chastain with one count of wire fraud and one count of money laundering, each of which carries a maximum sentence of 20 years in prison."

Roadmap

• Can be found [Insert link here].

Usage

• From Our Network #29 (10-7-2020):

"In a snapshot from June of the top categories traded, virtual world projects (such as Decentraland, CryptoVoxels, the Sandbox, and Somnium Space) were the highest volume projects on OpenSea, followed by art and digital trading cards."

Pros and Cons

Cons

• Their Head of Product Nate Chastain got caught with his hand in the cookie jar (17-9-2021):

"OpenSea has parted ways with Nate Chastain, its former head of product, after the executive was discovered profiting from the trade of NFTs based on inside information."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• Devin Finzer; founder
• Alex Atallah; co-founder, left company, remain on board (2-7-2022).

Funding

• Is part of the portfolio (9-3-2020) of 1confirmation. Which also has Authereum in its portfolio.
• From Decrypt (18-3-2021):

"Raised $23M. The round was led by Andreessen Horowitz. Dallas Mavericks owner (and Ethereum enthusiast) Mark Cuban, angel investor Naval Ravikant, and Metapurse—a fund from the pseudonymous NFT investor MetaKovan—have also invested in the company."

• OpenSea has reached a $1.5B valuation after a $100M Series B funding round led by a16z (21-7-2021).
• OpenSea has closed a $300 million Series C funding round that values the company at $13 billion (4-1-2022).
• Joined in the Series B for 0x Labs (26-4-2022).

Partners 

• Used by and partners with Authereum (12-2-2020).

(:

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