Opensea Retrospective: What Did the Collapse of the NFT Market Bring?
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Opensea Retrospective: What Did the Collapse of the NFT Market Bring?
If the NFT market remains sluggish, OpenSea will be unable to lead the wave of digital collectibles and will face a stalemate.
Navigating Web3 tides with focused insightsAuthor: Ben Weiss
Translation: TechFlow
On a cloudy spring afternoon in April, I attended the seventh NFT.NYC, a gathering place for everyone who still believes in Ape JPEGs and other NFTs. This event, once dubbed the “Super Bowl of NFTs,” felt eerily quiet.
“There are definitely fewer people here than last year,” Ric Johnson politely told me as he promoted an NFT allowing users to vote on whether Donald Trump should go to prison. Attendee Big Mac, who only gave his online pseudonym (anonymity is highly valued in crypto culture), said the conference felt less like the NFT “Super Bowl” and more like a preseason game. Tom Smith, a staffer promoting anthropomorphic cannabis plant NFTs, was blunter: “It just feels dead.”
OpenSea, perhaps the most well-known company in the industry, was one of the event’s sponsors—but Devin Finzer, its 33-year-old co-founder and current CEO, did not attend. Alex Atallah, OpenSea’s other co-founder, did appear at a main-stage session after stepping back from the company. But he wasn’t interested in discussing the technology that twice made him and Finzer paper billionaires. Instead, he mostly talked about AI.
While cryptocurrency values have rebounded, one of the hyped narratives from the last crypto boom—NFTs—has not recovered. According to CryptoSlam, monthly sales volume for this asset class peaked above $6 billion in January 2022. By July, that figure had fallen below $430 million. NFTs persist, but they’re struggling. “My mom thinks I’m a scammer,” I overheard one attendee say.
OpenSea, once the largest NFT marketplace, now faces mounting challenges. The startup—one of the most valuable private companies to emerge from the Y Combinator incubator—is grappling with a lawsuit from the Securities and Exchange Commission (SEC), an unreported “matter” with the Federal Trade Commission (FTC), investigations by U.S. and international tax authorities, fierce competition, allegations of gender discrimination, and employee turnover.
Based on interviews with 18 current and former employees, internal company documents, and conversations with investors, artists, and other stakeholders in the NFT space, this is how a startup inspired by cat JPEGs transformed into what some ex-employees call a “lite version of Meta”—a company seemingly lost between big tech and crypto culture.
Finzer once described OpenSea as a gateway into a vast new internet. Now, as the NFT craze fades, that vision rings hollow.
In 2017, the twentysomething Finzer teamed up with Stanford graduate Atallah to launch a startup
Initially, they aimed to use cryptocurrency to incentivize people to share Wi-Fi with strangers. In January 2018, they successfully entered Y Combinator, the famed incubator behind tech giants like Airbnb.
At the time, blockchain technology—the decentralized database—was experiencing a fresh wave of excitement. Developers were promoting a new way to permanently store data. These tokens were “non-fungible,” meaning each was unique, unlike interchangeable Bitcoin. In other words, NFT holders could proudly claim sole ownership of a cartoon ape, verified on an immutable ledger.
Industry supporters believed these tokens could represent almost anything: property deeds, patents, contracts, or even rights to virtual real estate. But in late 2017, Dapper Labs introduced a more consumer-friendly application: CryptoKitties, a game where users bought and sold cartoon cats on the Ethereum blockchain.
It wasn’t just cartoon cats—JPEG-style digital assets began trending across what was dubbed the next-generation internet. CryptoPunks, pixelated characters sporting mohawks and sunglasses; digital trading cards inspired by Pepe the Frog, a meme with a complicated history; and EtherTulips, virtual tulips that could battle each other.
Finzer and Atallah noticed the trend and decided to pivot. John Caraballo, a contractor they hired to write the initial code for the OpenSea website, told me: “They were very ambitious, building something extremely cutting-edge, unprecedented.”
After graduating from Y Combinator alongside startups developing cannabis soda and VR mental health therapy, Finzer and Atallah announced they’d raised $2 million for their NFT marketplace, backed by prominent investors like Peter Thiel’s Founders Fund.
Finzer wrote in a blog post announcing the funding: “The economic forms of the future will exceed our wildest imaginations, and we want to help push them forward. Things are just starting to get exciting…”
For nearly three years, the NFT industry offered little excitement
According to DappRadar, during 2020, only a few hundred traders were active daily on OpenSea’s platform, and a former employee said the team had fewer than 10 people.
(OpenSea spokesperson Joshua Galper said tens of thousands visited OpenSea’s site weekly around mid-2020.)
“Their lives revolved entirely around OpenSea,” said the employee, referring to the team including Finzer and Atallah. “It was fun, challenging, and very intense.”
But in March 2021, the NFT market suddenly exploded. Artist Mike Winkelmann, better known as Beeple, auctioned an NFT for $69 million. OpenSea’s NFT sales volume tripled from the previous month, according to DappRadar.
OpenSea takes up to a 10% cut from every transaction. As revenue surged, so did investor interest. That same month, Finzer announced OpenSea had raised $23 million at a $123 million valuation from investors including venture capital giant Andreessen Horowitz. OpenSea’s influence soared, and the company began expanding. “That period was truly wild,” recalled a former employee. “We were all doing multiple jobs.”
The NFT frenzy continued. After Beeple’s record-breaking sale, a company called Yuga Labs launched Bored Ape Yacht Club—a collection of 10,000 cartoon apes granting owners access to exclusive events, perks, and products. People paid millions just to own an ape with golden fur or heart-shaped sunglasses. “When I first saw the Bored Apes, I thought, ‘What is this?’” said a former employee. “Seeing how much people paid was mind-blowing.”
As more apes, punks, cats, and penguins changed hands, OpenSea’s fee revenue grew rapidly. Internal documents show revenue jumped from $9 million in Q2 2021 to $167 million in Q3 and $186 million in Q4. “Those were fun times,” said another employee. “Every feature launch sparked massive discussions.”
Suddenly, Finzer and Atallah’s marketplace was generating serious revenue, and investors were ecstatic. In July, the startup raised another round, securing $100 million at a $1.5 billion valuation. “Celebrities showed up, money poured in—it was thrilling,” said a former employee. “People I hadn’t heard from in years started emailing me… Everyone saw a fast path to wealth.”
But as money flowed in, OpenSea faced growing challenges
Finzer later recalled the early days to employees in 2023: “Every stressful thing felt like the most important thing in the world.”
In September 2021, OpenSea asked its product lead Nate Chastain to resign after industry watchers discovered he used insider information to trade NFTs. Chastain’s strategy was simple: OpenSea periodically featured new collections on its homepage, and as the top NFT marketplace, those tokens typically rose in price afterward. Chastain would buy ahead of time and sell after the spike. “Back then, Nate’s behavior wasn’t uncommon in the industry,” said a former employee.
Chastain was eventually sentenced to three months in prison—the first successful DOJ prosecution of NFT insider trading. But it was just one of many issues OpenSea faced. Users complained about site glitches, poor or fraudulent NFT collections, and stolen NFTs. “The company kept facing more difficulties,” recalled a former employee. Another noted users jokingly nicknamed OpenSea “BrokenSea.”
Galper said: “OpenSea strives to respond quickly to user needs and stay closely connected.”
To handle surging transaction volumes and other problems, Finzer and Atallah began scaling up OpenSea’s team, bringing in talent with backgrounds at large tech firms or corporations. According to several former employees, “The company didn’t promote from within,” one said.
“They brought in many professionals from Amazon, Facebook, Google,” said another former employee. “Like White Walkers from Game of Thrones, they just flooded in.”
Most of OpenSea’s current leadership joined in the second half of 2021 and first half of 2022, including COO Shiva Rajaraman and CTO Nadav Hollander. At its peak, OpenSea employed around 300 people—an expensive operation. Soon after, Finzer and Atallah began downsizing.
Galper wrote: “Our priority has always been finding and hiring the best talent, whether from big tech, small startups, or crypto experts.”
Yet money kept flowing in. OpenSea hit a record $265 million in revenue in Q1 2022. The two co-founders also completed their biggest funding round yet: raising $300 million from top-tier VCs, pushing OpenSea’s valuation to a staggering $13.3 billion. According to Forbes, by the end of 2021, Finzer and Atallah each held 19% of OpenSea, making them paper billionaires. (Galper said reports about the founders’ equity stakes were inaccurate. Forbes has not corrected the article.)
OpenSea’s investors weren’t limited to crypto-focused VCs—they included celebrities from Silicon Valley and beyond. Publicly listed backers include Mark Cuban from *Shark Tank*, basketball star Kevin Durant, actor Ashton Kutcher, and DJ 3LAU. Company documents also list James Musk, YouTube co-founder Jawed Karim, Adobe chief strategy officer Scott Belsky, and former Microsoft strategy executive Charlie Songhurst.
A source familiar with the deal said Finzer, Atallah, and a few early employees quietly cashed out part of their equity during this major funding round.
Galper confirmed some employees did sell shares during the Series C round but declined to specify Finzer and Atallah’s proceeds.
“The team and investors felt it was appropriate to provide some liquidity to those who helped the company reach this milestone,” Galper added.
Five former employees told me the co-founders didn’t publicly disclose the secondary stock buyback. “I was a bit surprised, since they’ve usually been transparent with decisions,” one person said, though they weren’t particularly bothered.
Two former employees mentioned that employees whose equity hadn’t fully vested by the Series C round were barred from selling. (“The company doesn’t recall any employees requesting to sell shares to designated investors after Series C,” Galper said.)
“The biggest news was definitely the secondary market deals,” said a former employee. “Everything else seemed minor in comparison.”
OpenSea appeared to be going mainstream, but problems kept piling up
Shortly after current CTO Hollander joined, his team discovered a serious vulnerability in the company’s code that could allow attackers to receive payments without delivering NFTs. No attacks occurred, but Finzer told employees in 2023: “That was one of the most concerning things.”
In March 2022, just as Finzer celebrated OpenSea being named one of *Time* magazine’s 100 Most Influential Companies, the NFT boom began cooling. According to CryptoSlam, total market sales dropped from about $6 billion in January 2022 to just over $1 billion by June. OpenSea’s quarterly revenue followed suit, falling to $171 million in Q2.
Worse, until mid-2022, most of OpenSea’s cash reserves were held in Ether, the second-largest cryptocurrency by market cap. During a company-wide meeting, Finzer explained the company wanted to support the crypto industry through action rather than converting those crypto holdings into more stable assets. The problem? By June 2022, Ether’s price had plunged nearly 80% from its November 2021 high.
After accounting for price drops and other losses, OpenSea posted a net loss of $170.7 million in Q2 2022—even as it earned $171 million in revenue. (Galper disputed this figure but provided no financial details.) “I remember thinking, ‘You’re not someone’s private investor. Why take such risks when you have so many opportunities?’” a former employee recalled after Finzer revealed the financial misstep.
Despite financial struggles, OpenSea remained visible at NFT.NYC that summer. Conference co-founder Jodee Rich asked during a Radio City Music Hall event: “I heard OpenSea took over an entire Midtown hotel?” Finzer smiled: “Sounds right.”
That same week, while many OpenSea employees were in the city, Finzer held a company-wide meeting to ease concerns about the company’s future. According to two former employees, the message was clear: Don’t worry.
Less than a month later, OpenSea laid off 20% of its workforce.
Around that time, Atallah announced he would step back from day-to-day operations at OpenSea, though he would remain on the board. Former employees were puzzled by Atallah’s departure. “There was always subtle tension between Devin and Alex—I don’t think they got along well,” said one employee. “I heard they disagreed on many things,” added another.
An OpenSea investor who requested anonymity said Atallah described his exit as amicable. “I think Atallah thrives in early-stage startups,” the investor said. “As the company scaled and became more corporate, I think he thought, ‘I want to chase the next thing.’”
Atallah denied any conflict with Finzer in a statement and echoed the investor: “I’ve always loved the early startup phase and ultimately decided to explore a new direction.”
But while Atallah left to pursue new ventures, Finzer chose to stay and lead a company that now seemed worlds apart from just months earlier. By Q3 2022, OpenSea’s revenue plummeted to just $32 million, with a deficit exceeding $27 million. “Employee morale dropped fast,” said a former employee.
By October, OpenSea faced a new threat: Blur, a new NFT marketplace.
Blur was founded by a programmer using the pseudonym “Pacman”
He later revealed himself as Tieshun Roquerre, a 20-something MIT dropout and Y Combinator alum. Blur emphasized the financialization of NFTs—treating them as assets traders could profit from buying and selling.
Many professional traders wanted to maximize profits, and royalty fees charged on platforms like OpenSea ate into those gains. Blur prioritized traders over creators, not paying artists royalties when works resold. Combined with promises to distribute cryptocurrency to active users—essentially “free money”—it attracted a flood of NFT speculators.
Blur quickly eroded OpenSea’s market share. According to DappRadar, by February 2023, fueled by anticipation of its token launch, Blur’s trading volume surpassed OpenSea’s, nearly tripling the monthly volume of Finzer’s company. Meanwhile, OpenSea’s quarterly revenue kept falling—down to $23 million in Q4 2022 and $19 million in Q1 2023.
Finzer knew he had to act. One former employee said Blur’s rapid rise “threw off all our product planning.” “It was like a chaotic disaster.”
A current employee offered a different view: “Strictly speaking, Blur’s arrival didn’t really affect my work,” they told me. “I kept building projects and doing business as usual.”
Multiple former employees said OpenSea quickly abandoned its mission to democratize NFTs and pivoted toward catering to speculators. According to one insider, Finzer even discussed launching OpenSea’s own cryptocurrency with founders and lawyers in the crypto space.
Galper said, “OpenSea has always focused on long-term growth, not chasing short-term wins in a competitive landscape.” He confirmed executives had discussed launching a token.
But issuing a token carried risks. The SEC has repeatedly stated most cryptocurrencies are unregistered securities. Since FTX collapsed in November 2022, the SEC has cracked down broadly on crypto, settling or suing industry giants like Coinbase and Binance.
Former employees said OpenSea conducted another small, unannounced round of layoffs after NFT.NYC in May 2023. “People joked that everyone fears NFT.NYC because layoffs always follow,” said a former employee.
Galper wrote: “The company underwent a small restructuring, leading to changes in team structures and the departure of several employees.”
In August, OpenSea announced it would stop enforcing creator royalties, disappointing some employees. Former staff said internal dissent followed. “I feel like OpenSea hasn’t clearly defined its target audience or built a focused strategy,” said a former employee. “They’re just stumbling in the dark.”
During the controversy over OpenSea dropping royalties, Finzer and his partner, former crypto hedge fund manager Yu-Chi Kuo, left New York City for a “desert adventure” at Burning Man, documented on Kuo’s Instagram
(Galper said this was Finzer’s first vacation in over a year.)
While Finzer and Kuo partied in the desert, the SEC launched its first enforcement action against the NFT industry, stating that media company Impact Theory—founded by Quest Nutrition’s CEO—issued NFTs that qualified as unregistered securities. Weeks later, the SEC accused Stoner Cats 2—a company behind an animated series supported by Mila Kunis and featuring Ashton Kutcher and Jane Fonda—of issuing unregistered security NFTs. Both Impact Theory and Stoner Cats 2 agreed to cease-and-desist orders and paid $6.1 million and $1 million in penalties, respectively.
Some OpenSea employees were unaware the company was involved in two separate regulatory “matters.” The SEC had issued third-party subpoenas to OpenSea seeking information related to other entities. Additionally, internal documents show OpenSea had an SEC-assigned attorney handling its “case” and engaging in “hosted document production” with the agency.
Legal counsel referred to these interactions as “SEC matters” and outlined OpenSea’s defense in an internal document. Arguments included that NFTs aren’t securities, OpenSea isn’t a securities exchange or broker, and OpenSea is protected under the First Amendment and Section 230 of the Communications Decency Act, which shields online platforms from liability for third-party content. SEC spokesperson David Ausiello said: “The SEC does not comment on the existence or nonexistence of investigations.”
OpenSea spokesperson Galper confirmed the company has received information requests from the SEC since 2022. He said: “Cooperating with regulators and law enforcement is standard practice, and we’re committed to complying with applicable laws and regulations.”
Though some employees were unaware of the SEC matters, a vocabulary guide instructed staff to use specific terms when discussing NFTs and OpenSea publicly. Legal advised avoiding phrases like “buy, sell, or pay on OpenSea,” instead using “buy on blockchain,” “buy via MoonPay” (a crypto payment company), or “buy through OpenSea.” The guide noted: “This distinction is critical as it affects our tax and legal liabilities.”
Employees were also advised to avoid terms like “exchange,” “broker,” “market,” “profit,” “shares,” “stocks,” “trading,” and “trader,” as these are often associated with securities and fall under SEC jurisdiction.
Additionally, there was an “FTC matter,” with OpenSea submitting documents to the agency. Internal files I obtained only confirmed the correspondence, without further detail. The FTC declined to comment.
Galper confirmed OpenSea received document requests from the FTC and last submitted materials in August 2023. He declined to explain why either the FTC or SEC sought documents and wouldn’t comment on whether OpenSea received a Wells notice (indicating potential litigation) from the SEC.
The day after I informed OpenSea of our reporting plans, Finzer announced on X that his startup had received a Wells notice. He wrote: “We’re shocked by the SEC’s broad action targeting creators and artists. But we’re ready to fight back.”
Christopher Odinet, a Texas A&M professor researching crypto legal issues, told me: “Typically, when an agency requests documents from a company, it’s because they suspect wrongdoing.”
Christa Laser, a Cleveland State professor studying the intersection of crypto and law, said the FTC’s request might stem from suspicion—or simply a desire to understand this emerging market better.
“The FTC is more likely than the SEC to make document requests without an ongoing investigation,” she said.
In the meantime, OpenSea also faced ongoing inquiries from domestic and international tax authorities. For example, the Australian Taxation Office (ATO) questioned whether OpenSea must pay taxes on both its fees from each NFT sale and the full price of the NFTs.
According to company documents, in early October, OpenSea’s legal team traveled to Australia to argue for lower tax treatment. If the ATO rules against OpenSea, based on internal figures from August 2023 discussions, Finzer’s startup could face roughly $130 million in taxes. Tax authorities in Washington state, India, and Taiwan are also conducting inquiries.
The ATO declined to comment on OpenSea, citing confidentiality and privacy laws. Washington state declined for similar reasons. Tax agencies in India and Taiwan did not respond.
OpenSea spokesperson Galper declined to comment on communications with tax authorities.
According to a document I obtained, OpenSea’s former general counsel Gina Moon said in an all-hands meeting: “We are under significant scrutiny from policymakers and regulators. Ultimately, courts and the public will see our response.”
On Halloween, as OpenSea’s quarterly revenue hit its lowest point since the early days of the NFT boom, Finzer and his partner attended Heidi Klum’s annual Halloween party at Marquee nightclub in New York City
According to Kuo’s Instagram posts, Finzer dressed as an “AI hacker,” wearing glasses, a hoodie with the OpenAI logo, and carrying a keyboard. His partner dressed as his “AI girlfriend,” complete with a blood-stained knife and robotic prosthetic limbs.
OpenSea spokesperson Galper said Finzer’s costume was thrown together last-minute—he only stopped by for photos, walked the orange carpet, then rushed home to take work calls and continue planning a major company overhaul.
Three days later—just one day after FTX’s former CEO Sam Bankman-Fried was convicted of fraud—OpenSea announced mass layoffs, eliminating over 100 jobs, about 56% of its workforce. On social media platform X, Finzer said he was restructuring the team around “OpenSea 2.0,” a strategic and product shift, though he offered few details. Later, he told employees: “This is a huge bet, and it’s intense.”
According to a memo Finzer sent employees, departing staff would receive four months of severance pay and six months of health insurance.
Finzer invited remaining employees to an offsite meeting to discuss the company’s new direction. According to a document I obtained, during an all-hands meeting at a Hollywood mansion once owned by Katy Perry and Russell Brand, he said: “The real goal of these changes is to turn us from followers into leaders.”
According to remarks by executive Lorens Huculak at the meeting, OpenSea plans to “become the portal to Web3,” referring to a future internet built on blockchain. The startup plans to rewrite much of its code, enabling users to easily track crypto transactions on the platform without visiting other sites. Huculak said: “We’ll become an aggregator—not just of chains, but of protocols, markets, liquidity, and tokens.”
Insiders said the product revamp includes new features designed to better compete with Blur. They said: “It’s just a rebrand of OpenSea Pro,” referring to the platform’s section tailored for NFT speculators. However, a current employee disputed this, saying the relaunch involves more than just upgraded tools and enhanced tracking for traders. Still, the employee declined to share further details.
Galper said in a statement: “Plans for 2.0 are confidential.”
Clearly, the new vision and mass layoffs initially failed to inspire employees or investors. Shortly after the strategic shift, The Information reported that Coatue Management, one of OpenSea’s key backers, slashed its valuation of the startup to just $1.4 billion in Q2 2023—down sharply from $13.3 billion less than two years prior.
Soon after, several members of OpenSea’s executive team departed, including general counsel, VP of operations, head of HR, and head of communications. According to internal communications, OpenSea offered remaining employees an extra 20% cash bonus to stay. (Galper said: “If they didn’t want to stay, we paid them to leave. Those who believe in the company’s future chose to stay and help us build.”)
During the exodus, management worried there were no women left among engineers and product managers, especially given past complaints about gender discrimination, internal documents show. (OpenSea previously hired an outside investigator for one complaint, who found it unsubstantiated.)
Galper said in a statement: “We take employee complaints seriously and investigate promptly. To date, no gender discrimination claims have been proven, and we’ve never faced litigation, arbitration, or mediation on this issue.”
Still, three current employees said that after the initial shock of layoffs, morale has gradually improved. One said: “There’s far less noise now—fewer Slack messages and meetings.” Another said: “I’m surprised how quickly people got back into work mode.”
On the same spring day I visited NFT.NYC, I went to a dock along the Hudson River
OpenSea’s rival Magic Eden hosted a “Degen Yacht Party” on a converted floating casino. In the rain, I waited in line and spoke with a collector named James Woods. His T-shirt featured an NFT he owns: a pink dog wearing black sunglasses, a sailor’s hat, and a brown hoodie. Woods said: “I try to dress like this at any NFT-related event or major moment in my life.” He even wore the outfit on his first casino date: “It worked out great.”
Eventually, we boarded the yacht. There were ice sculptures, a DJ, free food (similar to a bar mitzvah spread, one guest said), complimentary alcohol, gold-coated elevators, and energy drinks. I spoke with someone who goes by “Breads,” another called “Toast” (they warmly reunited), someone who said “Cyber Frogs” changed his life, and a woman holding a plush toy named “Chonky.”
Most people I spoke with were unhappy with OpenSea. After all, I was at a competitor’s event. Woods criticized OpenSea’s decision to stop enforcing royalties: “Instead of continuing to support the creators who made them the market leader, they betrayed us.”
The yacht gently swayed in the rain, but due to severe weather, we never left the dock. Finally, on the third deck, I spoke with Zhuoxun Yin, co-founder and COO of Magic Eden. Like OpenSea, Magic Eden has backing from top VCs and was valued at over $1 billion in its latest round. Yin told me: “This industry doesn’t allow complacency—everything changes fast.”
While Blur pulled away many core NFT traders from OpenSea, Magic Eden appears to be winning over creators. In February, Yuga Labs—the company behind Bored Ape Yacht Club—partnered with Magic Eden to launch a competing marketplace. According to DappRadar data, in April, Yin’s company surpassed both OpenSea and Blur in monthly NFT trading volume.
Despite market volatility, most people I spoke with in the NFT space remain optimistic about its future. TJ Fuller, co-founder of Forgotten Runes, told me: “It’s wrong to think OpenSea’s decline means the end of NFTs.” He believes the technology remains innovative: “Where we trade NFTs doesn’t matter.”
Most former OpenSea employees I spoke with also see future use cases for tokens: ticketing for live events, or in-game items where users can clearly assert ownership. Yet some noted the current culture of pure speculation can’t scale beyond crypto enthusiasts. “I think the current model has issues,” said a former employee. “I don’t think just selling JPEGs is worth it.”
Near the end of the yacht party, I made my way to the dance floor, squeezing past a flutist wildly playing like a Metallica member, and said goodbye to Woods, the sailor-hatted dog fan. When I asked his final thoughts on NFTs, he replied: “Buy them as collectibles. Don’t expect to make money.”
That might be good advice for OpenSea. According to an internal document I obtained, the company lost about $30 million in the first three quarters of 2023. (Though they expect November’s layoffs to reduce operating costs in 2024.) According to DappRadar, in June, its platform’s trading volume hit lows unseen since before the NFT boom began in early 2021.
OpenSea still has substantial cash reserves. According to an internal document, as of November 2023, the company had $438 million in cash and $45 million in crypto holdings—capital it’s relying on to navigate market turbulence through its “2.0” transformation.
Finzer once said he wanted his startup to create an ocean, not just an aquarium.
But if the NFT market remains stagnant, OpenSea won’t ride the wave of digital collectibles—it may find itself adrift.
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