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Retrospective Look About Opensea Development. All we seeing now is greed before exit?
Let’s get back to 2021, Opensea had no intention to improve. They were comfortable. No competition, no reason to make their product better.
In 2022, Blur came and crushed OS. It was simpler, more convenient, and most importantly had a great interface.
Degens switched to Blur for many reasons. Check Dune from 2022 to see how OpenSea’s volumes dropped, and that continued for almost 3 years. But they still need to eat, so now they’ve started so-called XP farming event.
In February, they presented the updated OS2 marketplace and announced a future token $SEA. OS2 now supports 18 networks, tons of new features, cross-chain swaps, and a point farming system with XP, chests, treasures, etc.
Many KOLs compare it to projects like $ME and $BLUR, calling it a promising TGE and they’re partially right. But there’s one big “BUT”: $ME and $BLUR kept updating, adding new chains, evolving. OS didn’t. Until this year, their “Pro OpenSea” site only had two chains: Ethereum and Polygon and that’s where development stopped. Remember?
The XP farming system looked interesting at first, similar to Blur’s model, but then they just shut it down and shifted focus to XP Shipments.
The biggest red flags?
“Mint this NFT and get XP,” with mints costing $70, and only giving 50 XP in return lol. Total rekt for minters for sure. They repeated this for several times this year.
This all looks like last attempt to soak up any liquidity left and exit the product with “nice activity stats.”
I believe tomorrow we will see more concrete details about TGE and will take another look into this post.
Sometimes we easily forget important bits and easily caught by a trap. Looking into this retrospectively gives a better image of who is who.
Just my personal opinion about whole stuff, looking forward for yours. Leave your reply, share and hit like to bring more attention to this matter. Platforms like Opensea can not exist without users after all.
Thanks!
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