View source for OpenSea

[https://opensea.io/ OpenSea] — Buy and sell [[NFT]]<nowiki/>s

== Basics ==
* Based in:
*Founded in: 2017
* [[Mainnet]] release:
*From the [https://www.coindesk.com/the-coindesk-50 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 ==

* [https://decrypt.co/61947/opensea-series-a 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 ===

*[https://newsletter.blockthreat.io/p/blockthreat-week-36-2022?utm_source=substack&utm_medium=email From] Blockthreat (14-9-2022):
''"Report on a memory overwrite [https://blocksecteam.medium.com/a-new-memory-overwrite-vulnerability-discovered-in-wyvern-protocol-5285996c297d vulnerability] in OpenSea’s Wyvern Protocol by the BlockSec team."''
*[https://newsletter.blockthreat.io/p/blockthreat-week-24 From] Blockthreat (20-6-2022):
''"OpenSea patched a critical [https://nft.mirror.xyz/VdF3BYwuzXgLrJglw5xF6CHcQfAVbqeJVtueCr4BUzs vulnerability] which could allow theft of offered [[WETH]] from users’ wallets thanks to a responsible disclosure by Gus.''

''OpenSea patched a [https://twitter.com/z0age/status/1537276889504415744 vulnerability] which could allow sellers to receive payments for Shared Storefront items they did not own. The vulnerability was responsibly disclosed by MevRefund."''
*[https://weekinethereum.substack.com/p/week-in-ethereum-news-june-11-2022?s=r From] [[Week In Ethereum|Week in Ethereum]] (11-6-2022):
''"OpenSea Wyvern vulnerability [https://nft.mirror.xyz/VdF3BYwuzXgLrJglw5xF6CHcQfAVbqeJVtueCr4BUzs disclosed], $3 million bounty paid."''
*[https://decrypt.co/91513/opensea-refunds-ethereum-users-lost-nfts-inactive-listing-exploit?utm_source=telegram&utm_medium=social&utm_campaign=smt From] [[Decrypt (DCPT)|Decrypt]] (29-1-2022):
''"OpenSea has now reimbursed 750 Ethereum, about [https://fortune.com/2022/01/28/opensea-reimburses-users-1-8-million-bug-sell-nfts-bored-ape-yacht-club/ $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."''
*[https://www.blockthreat.io/p/blockthreat-week-41-2021?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo0MzQwNjA4NywiXyI6IkZBQ3M5IiwiaWF0IjoxNjM2MDAyMDkzLCJleHAiOjE2MzYwMDU2OTMsImlzcyI6InB1Yi04MTA1Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.ylsAgHF23s6f4FSfbize8p9LN6SQtN From] [[Blockthreat]] (2-11-2021):

''"OpenSea patched an actively exploited XSS [https://blog.checkpoint.com/2021/10/13/check-point-software-prevents-theft-of-crypto-wallets-on-opensea-the-worlds-largest-nft-marketplace/ 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 [https://decrypt.co/81096/opensea-parts-ways-executive-caught-trading-ethereum-nft-insider-info?utm_source=telegram&utm_medium=social&utm_campaign=smt 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 [https://decrypt.co/80999/nft-marketplace-opensea-executive-insider-info profiting] from the trade of NFTs based on inside information."''

== Governance ==
=== Admin Keys ===

* [https://decrypt.co/89540/opensea-freezes-stolen-bored-apes-worth-2-2m From] [[Decrypt (DCPT)|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|hardware wallet]].

=== DAO ===
=== Treasury ===
== Token ==
=== Launch ===
=== Token allocation ===
=== Utility ===
=== Token Details ===
== Tech ==
* [[Whitepaper]] can be found [insert here].
* Code can be viewed [insert here].
* Built on: [[Ethereum]] and [[Immutable X]] ([https://www.coindesk.com/nft-opensea-immutable-layer-2-protocol-ethereum 1-4-2021]). Deployed on [[Klaytn (KLAY)|Klaytn]] ([https://messari.io/report/klaytn-the-enterprise-grade-evm Q2'21]). As of 12-2022 has [https://thedefiant.io/opensea-launch-bnb-chain deployed] on 8 chains, including [[Avalanche (AVAX)|Avalanche]], [[Binance|BSC]], [[Solana (SOL)|Solana]], [[Polygon (MATIC)|Polygon]] and [[Layer Two|L2s]]. Arbitrum Nova ([https://bbweekly.substack.com/p/blockbytes-weekly-week-3-2023 18-1-2023]).

=== How it works ===
=== Fees ===

* OpenSea [https://twitter.com/opensea/status/1626682043655507969 dropped fees] to zero (for an unspecified time) and made royalties optional (0.5% minimum) unless [[On Chain|on-chain]] enforced, marketplaces with the same policies won’t be blocked (18-2-2023). This came as a reaction towards [[Blur (BLUR)|Blur]] taking huge marketshare.

=== Upgrades ===

=== Staking ===
=== Different Implementations ===
=== Interoperability ===
=== Other Details ===
== Oracle Method ==
== Compliance ==

* [https://thedefiant.io/nate-chastain-arrested/ 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 [https://www.justice.gov/usao-sdny/pr/former-employee-nft-marketplace-charged-first-ever-digital-asset-insider-trading-scheme 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."''

== Their Other Projects ==
== Roadmap ==
* Can be found [Insert [[LINK|link]] here].

== Usage ==

* [https://thedefiant.io/blur-400m-airdrop From] [[The Defiant]] (16-2-2023):

''"Since its public launch in October last year, [[Blur]] has positioned itself as the most promising competitor to OpenSea and an ideological rival. OpenSea has long dominated the [[Non Fungible Tokens (NFTs)|NFT]] market, but Blur has recently gained ground on the back of an [[airdrop]] campaign geared towards incentivizing usage of the platform. Since December, trading volume on Blur has topped that of OpenSea in all but two weeks, according to [https://dune.com/hildobby/blur-vs-opensea data] gathered by Hildobby, a pseudonymous data analyst at crypto venture capital firm [[Dragonfly Capital Partners|Dragonfly]]. It should be noted, however, that OpenSea still maintains a commanding lead in terms of active users despite the surging volumes on Blur."''
* [https://thedefiant.io/opensea-volume-sinks From] [[The Defiant]] (17-8-2022):
''"OpenSea’s trading volume plunged to its lowest level in 13 months on Tuesday. OpenSea, the No. 1 NFT marketplace, handled $6.5M worth of trades, a fraction of the $204M executed at its peak in February, according to data from DappRadar."''
*[https://kermankohli.substack.com/p/revenue-an-abused-word-in-crypto?utm_source=substack&utm_medium=email From] [[Kerman Kohli]] (4-8-2022):
''"[[TokenTerminal|TokenTermina]]<nowiki/>l data for this one is a little off but they’ve done about $300m in revenue in the past 180 days. As of the 1st of August they have about 750 employees (on [[LinkedIn]]) but let’s just round up to 1000 and assume each employee costs $150,000 (on the upper end) we get to $150m/year in headcount. Given their annualised revenue is north of $500m they’re still going to be fine. I don’t know how [[Bear market|bear markets]] have changed but I’m guessing laying off 20% of their staff was part of making sure they were sustainable. Oh just one problem, they don’t have a token. Congratulations OpenSea equity holders, you have a winner."''
*[https://ournetwork.substack.com/p/our-network-issue-29-part-2 From] [[Our Network]] #29 (10-7-2020):
''"In a [[snapshot]] from June of the [https://opensea.io/rankings 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."''

=== Projects that use or built on it ===
== Competition ==
== Pros and Cons ==
=== Pros ===
=== Cons ===

* Their Head of Product Nate Chastain got [https://decrypt.co/81096/opensea-parts-ways-executive-caught-trading-ethereum-nft-insider-info?utm_source=telegram&utm_medium=social&utm_campaign=smt 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 [https://decrypt.co/80999/nft-marketplace-opensea-executive-insider-info 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, [https://twitter.com/TheBlock__/status/1543232396870434817 left] company, remain on board (2-7-2022).
*During the 2022 market crash it [https://decrypt.co/105130/opensea-lays-off-20-percent-staff-prolonged-downturn-crypto-winter announced] it would lay off 20% of its staff (15-7-2022).
*CFO Brian Roberts has [https://www.theblock.co/post/175758/opensea-cfo-leaves-less-than-one-year-after-joining left] the company less than one year after joining (8-10-2022).
=== Funding ===
* Is part of the [https://www.1confirmation.com/portfolio portfolio] (9-3-2020) of [[1confirmation]]. Which also has Authereum in its portfolio.
*[https://decrypt.co/61947/opensea-series-a 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 [https://newsletter.thedefiant.io/p/-opensea-becomes-first-nft-unicorn?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozOTAxNjY0NSwiXyI6IitrN3VtIiwiaWF0IjoxNjI3MjMwMDk0LCJleHAiOjE2MjcyMzM2OTQsImlzcyI6InB1Yi0xMTI1OSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.O6TjFhb7uyA8 a $100M Series B] funding round led by [[A16z crypto|a16z]] (21-7-2021).
*OpenSea has closed a [https://www.theblockcrypto.com/linked/129250/opensea-eyeing-raise-that-would-value-it-at-13-billion-with-backing-from-coatue-and-paradigm-sources $300 million Series C funding] round that values the company at $13 billion (4-1-2022).
*[https://www.theblockcrypto.com/linked/143579/decentralized-exchange-infrastructure-provider-0x-labs-raises-70-million?utm_source=twitter&utm_medium=social Joined] in the Series B for [[0x Protocol (ZRX)|0x Labs]] (26-4-2022).
*One of the [https://www.coindesk.com/business/2022/09/08/crypto-influencer-cooper-turley-creates-10m-coop-records-music-startup-fund/?utm_medium=referral&utm_source=rss&utm_campaign=headlines founding backers] of [[Cooper Turley|Coop Records]] (9-9-2022).
*Had funding from [[Animoca]] ([https://www.coindesk.com/consensus-magazine/2022/12/05/yat-siu-most-influential-2022/ according] to [[CoinDesk (DESK)|Coindesk]], 5-12-2022)
*[[LayerZero (Project)|LayerZero]]; OpenSea [https://techcrunch.com/2023/04/04/blockchain-messaging-protocol-layerzero-raises-120m-hitting-3b-valuation/ participated] in their Series B of $120M (4-4-2023).

=== Partners ===
* OpenSea Innovation Labs Private Limited became [https://forum.arbitrum.foundation/t/aip-1-arbitrum-improvement-proposal-framework/30?s=35 one of the trusted companies] to store tx for [[Arbitrum (ARB)|Arbitrum]] Nova (15-3-2023).
*Partnered with [[Klaytn (KLAY)|Klaytn]] to grow the NFT ecosystem in Asia ([https://messari.io/report/klaytn-the-enterprise-grade-evm Q2'22]).
*[https://medium.com/authereum/authereum-is-live-f97d88e7153e Used by and partners with]<span class=""> </span>[[Authereum]]<span class=""> (12-2-2020).</span>

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