OpenSea

“So the first idea that we had was building this decentralized marketplace for sharing internet bandwidth. And that was the idea that we got into Y Combinator with”

“We definitely, you know, don't look just at GMB, right? We look at Number of transactions, right? So number of sales as a more healthy metric, because that's an indicator of, are people able to sell the stuff that they want to sell in the marketplace? And then…”

“There's a similar inflection point from like July to August of this year, where we went from about three hundred fifty million to 3.4 billion dollars of transaction volume.”

“That phenomenon, I didn't think was sort of what would drive a wave of excitement around NFTs. You know, I sort of had more of a thesis around, like, games or things that are useful or like inherently useful NFTs versus these like more collectible use cases.”

“Because on one hand, you know, we weren't really growing that fast. We were kind of, like, linearly growing. Sometimes we had, like, a negative month or whatnot, but we still did have, like, Some transaction volume on the marketplace.”

“Because if you don't have that foundation of being a really good marketplace, You know, it's hard to kind of have things that are more peripheral.”

“We had like six to seven people, right? When, even when things started taking off, we were really small.”

“Founder of Figma is a really close mentor of mine. I mean, what's great about Dylan is he is able to do so many different things. He's running Figma, but he's also extremely deep in the NFT space, so he's just been, like, very helpful from, like, mentoring us …”

“To date, Devin has raised over four hundred and twenty three million dollars for the company, with their last three hundred million dollar round valuing OpenSea at a reported 13.3 billion dollars.”

“I would say the two main ones are sort of customer support and relatedly trust and safety, so ensuring that people aren't selling fraudulent items, and then core platform.”

“So I think in January, we did about eight million dollars of transaction volume. In February, we did ninety five million in transaction volume. And then in March, it was like one hundred and sixty million.”

“It wasn't as crazy of a funding environment back then as it is today, where it's just like so easy to go and raise a giant seed round and an insane valuation.”

“I think in the past year, there's probably been like Three really interesting consumer companies. It's been Clubhouse, OpenSea, and us.”

“Two out of three founders, OpenSea founder and Clubhouse founder all came from Pinterest, and a huge chunk of our team is actually now from Pinterest.”

“I really wanted to invest in OpenSea early on. You know, this was sort of like right, right up my wheelhouse. You know, I naturally, you know, founding anchor, I'm a big believer in, in platforms that lower the friction to enable people to create and distribut…”

“We actually invested on the way up a little bit and then sold on the big way up.”

“When we invested we only invested 500 K initially. And that was, again, like at that time we had a twenty six million dollar fund.”

“Do I think it's going to be a, an important product in the world in five years, much more important than it is today? Yes, because I think NFTs are important, and because I think an on-ramp to NFTs is is very valuable for people.”

“You know, I think the jury's still out. There's still a lot of value there in OpenSea.”

“Was this investor in OpenSea and during, you know, the boom of 21, 22, it was valued at 13 and a half billion.”

“The bad one, I mean, this one forever stands out, was we underwrote a manager in in twenty-twenty-three that was holding OpenSea at thirteen billion, which, like, I, that one was like.”