The Ledger
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Clubhouse, OpenSea, and Whatnot Are the Only Notable Recent Consumer Startups
“I think in the past year, there's probably been like Three really interesting consumer companies. It's been Clubhouse, OpenSea, and us.”
A VC Manager Marked OpenSea at $13B in 2023
“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.”
Hartz argues OpenSea retains significant long-term value despite the NFT crash
“You know, I think the jury's still out. There's still a lot of value there in OpenSea.”
1confirmation bought OpenSea on the way up and sold near the peak
“We actually invested on the way up a little bit and then sold on the big way up.”
Tomaino: OpenSea will be significantly more important in five years
“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.”
Devin Finzer: OpenSea volume jumped from $350M to $3.4B in one month
“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.”
Tomaino: 1confirmation invested $500K in OpenSea from $26M fund
“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.”
Devin Finzer: OpenSea tracks transaction count over GMV to evaluate marketplace health
“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…”
Devin Finzer: OpenSea expected gaming and utility NFTs to lead over collectibles
“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.”
Devin Finzer: Marketplaces must master core transactions before expanding peripheral features
“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.”
OpenSea raised $423M total, reaching a $13.3B valuation in latest round
“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.”
Devin Finzer: OpenSea volume grew from $8M to $160M in three months
“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.”
Devin Finzer: The 2022 seed fundraising environment is far crazier than 2018
“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.”
Hartz admits to investing in OpenSea at its $13.5B peak valuation
“Was this investor in OpenSea and during, you know, the boom of 21, 22, it was valued at 13 and a half billion.”
Mignano: OpenSea was a major missed early angel investment
“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…”
OpenSea and Clubhouse Founders Both Originated From Pinterest
“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.”
OpenSea originally pitched Y Combinator on a decentralized Wi-Fi sharing network
“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”
Devin Finzer: OpenSea grew linearly and occasionally shrank during 2018 crypto winter
“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.”
Devin Finzer: OpenSea operated with only six to seven people during takeoff
“We had like six to seven people, right? When, even when things started taking off, we were really small.”
Devin Finzer: Figma founder Dylan Field is a close mentor on OpenSea
“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 …”