YouSaid · the spoken record

Devin Finzer

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40
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2021-10-07
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2021-10-07
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  1. “My parents were just incredibly kind to me growing up and specifically they were always 100% supportive of whatever I wanted to do, the sort of unconditional love that really provides a strong foundation for feeling like you have the freedom to explore your curiosity. And I just don't think that that's always the case with parents. Maybe they have this unstated bias towards certain professions or certain ways of living your life. Obviously, they want me to be a good person. There's certain things they wouldn't want me to do. They just expressed that support of whatever my interests were early on and continue to support it over time. I think that was really kind and a really great way to grow up. That's the one that comes to mind.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “And provide the interface and trading and buying and selling experience that's tailored towards those specific use cases. So doing a better job supporting games, doing a better job supporting art, I think you'll see sort of a more customized and tailored experience. And then also maybe this is hopefully shorter run than five years, but also just making this completely accessible to a regular user. Someone can go from zero to owning an NFT in like minutes. I think that's super important. Lastly, I would say just to that end, expanding this to something that billions of people in the world are like using and getting value from. I actually do think that that's a real possibility here. I don't think that this is like a niche market. I think it's something that will go more and more and more mainstream and just have a bigger and bigger impact on the world. That order of magnitude shift in terms of the size of the market, I think will happen over that time period.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “What's most exciting is just sort of the expansion of NFTs into new areas. So right now the use cases are collectibles and art and a little bit of gaming. But I think ultimately this is something that could impact every single industry. It's just sort of a matter of when it makes sense. So physical items, there's been a few projects where physical items are kind of turned into NFTs and bought and sold as NFTs, but then redeemable for the actual physical item, which is really cool. So you can imagine like a whole chunk of OpenSea that's devoted to buying and selling physical items. I don't know if we'll get into this area, but I do think generally real estate could benefit from being tokenized as an NFT, and maybe there are some interesting later stage applications of that event tickets. All these things, I think, will start to emerge over time as a platform. I think we really do want to try to support these verticals as best we can.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Probably one of my favorites is a project called CryptoVoxalts. So CryptoVox is a virtual world that started, I think, early 2018. And what was cool about it was it was just one person at the time. They showed up to OpenSea. We didn't even know who they were, but they started selling a couple of parcels of virtual land. And when you own these parcels, you could build things inside of them. So if I buy a parcel, build some museum sort of like Minecraft where you build things. The land sold, I don't know, at the time I'd have to do some math to figure out how much is”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Exactly, right? You can own defensor.eth, and instead of sending to the hexadecimal address, you can send ETH or send NFTs to that given readable name. So those sort of like infrastructural components are really exciting. And then, of course, the other big obvious chunk is just the infrastructure layer, the layer ones, layer one blockchains, layer twos around Ethereum, the ability to move between those layer ones and layer twos is a big chunk. And then, of course, you have over the last four years the evolution of DeFi as sort of this underlying financial infrastructure that has really helped the NFT ecosystem flourish by giving people the right tools to, whether it's buy and sell with stablecoins or take loans out or whatnot. It's a pretty rich intertwined ecosystem.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Yeah, well, I think DAOs is definitely one of the city's autonomous organizations where people can commission work and many of them are social organizations as well. So I think this idea that there's lots of opportunities to participate, contribute, and profit from Web3 and providing the tools for people to do that and the jobs of the future in some way. So I think DAOs are an incredibly vital piece of that. I think NFTs are sort of a piece of that and that they're providing an outlet for creators to really monetize their work as well. I think the identity layer is an interesting one. I do think that it's challenging to start an identity company fresh. I think identity tends to sort of be bundled with the most successful applications or you could argue that MetaMask isn't an interesting position as an identity layer or ENS is an interesting.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “There's sort of maybe two lenses. One is just as a business crypto and blockchain based applications tend to be very cyclical in nature where you have these giant waves of excitement and prices moving up. And then you see a cool down afterwards. And just as a business, you have to prepare from that from like a cash flow cultural perspective within the company. And so we definitely keep that in mind and try to look to other companies that have gone through that for advice and wisdom around how to deal with just a very cyclical industry.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “It's such a new space and they just don't understand how everything works. So I think with every new frontier, there's those opportunities and it's sort of the role of platforms like ours to do our best to prevent against them.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “One simple dark side is just that we're dealing with today is just whenever there's an opportunity to make money or to profit, then scammers come and figure out how they can take advantage of it. So on OpenSea, we have this issue where it's an open platform, it's a horizontal platform. So anyone can come and mint an NFT, which means that you could screenshot a crypto bunk and mint it and try to pass it off as a real crypto punk. problem that we deal with today and we have infrastructure in place to try to limit that behavior but sort of this cat and mouse game where scammers get more and more sophisticated and they sort of build the systems and then you just sort of have to have that as a marketplace that wants to have permanent role in space people are figuring these things out so there's all sorts of opportunities for scammers to come and fish people hack into wallets and we're seeing that every day today right where people are getting taken advantage of because”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Well, I think the first really cool thing to say about wallets is that it's like a bring your own wallet situation. I guess we sort of take this for granted. It is pretty cool that you can use any wallet you want on any Web3 application. If you don't like MetaMask, then don't use MetaMask. So you have this freedom.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “World where you can collateralize or take loans out on different tokens and things like this. So there's this whole really rich ecosystem happening on Ethereum that I think is going to be challenging for other chains to fully replicate. But of course, Ethereum does have its challenges. And starting fresh supporting different programming languages, rethinking kind of some of the fundamentals is worthwhile to think about. We've built OpenSea in a way that we can add additional blockchains as they make sense to support and you'll be seeing some interesting stuff from us there pretty soon.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “We definitely envision a multi-blockchain future, and it's already happening. There's several blockchains that have gotten significant traction around NFTs, Flow, Solana, Tezos. We also have already made our foray into multiple blockchains. We currently support Polygon, which is a layer two on top of Ethereum. But basically think about it as a separate chain altogether. I do think that there is a very strong network effect going on Ethereum today, which is that the number of people who have installed MetaMask or wallets and understand how to use Ethereum, it's a significant community now and the interoperability between applications, this idea that I touched on of being able to have one wallet and move your stuff between apps is really powerful. Ethereum is really the furthest along there. Additionally, on Ethereum, you have the entire DeFi infrastructure.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Crypto is maybe more sensitive to platform fees than other industries way back when there was this talk of decentralized marketplaces disintermediating the Ubers and Airbnbs and none of that has played out but the philosophy there was are these companies really providing a service and should this be done by more of a decentralized network of things and then the other thing is this is all digital We're not dealing with physical items that are moving hands. So if you look at like SockX are sort of providing this service of cusseting the items and verifying it is an interesting thing to think about what the sensitivity is on that, but we just wanted to be fair to the crypto community and we do get some people who think that it shouldn't be any fees. That's their mentality, but then we also get people who think that the two and a half percent fee is either fair or even maybe too low.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Yeah, currently it's two and a half percent. The way that it works today is projects can specify a take rate on top of our 2.5% fee that goes directly to them. OpenSea always takes 2.5%. Let's say I'm a new game developer and I want to have people trade my NFTs. Well, wouldn't it be great if I could actually benefit from my NFTs being traded? So that's a piece of functionality that we added early on in this sort of intuitive way to align incentives between projects and the platform. We're certainly open to adjusting the fee over time. We think two and a half percent is pretty fair relative to other NFT marketplaces that exist. Some of the platforms, I think, are in the 10% range. If you look at consumer internet companies tend to be a lot higher, we think for the service we provide helping people discover, find, explore, buy and sell, the two and a half percent is reasonable. I believe it's like the lowest in space at the moment.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “We have a responsibility to our community to create really a trusted open platform where we're surfacing content that's high quality and that also provides sort of a level playing field for smaller artists who are up and coming, but then also bigger projects that have more resources and want to promote. We've talked about how to sort of make this less centralized today. It is curated by the OpenC team, but we are in the early phases of exploring how can we make this more of a community inspired thing. There's a lot of different exciting opportunities there, working with some of the DAOs, we're working with some of the organizations that are heavily involved in NFTs. And then there's also some of our content on our homepage that is algorithmically taken from the trending collections that are rising popularity.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “We love working with every single application in the space from the smaller artists to the game companies that are just starting up to we've worked with Mike Tyson, Rob Brinkowski. We've worked with the bigger ones as well, Golden State Warriors, athletes, musicians, you name it. And so we both want to kind of help the people who are coming up from the grassroots and then also be there for these bigger companies and brands that are trying to learn about the space as well.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Through these sorts of things, we are fostering more and more interoperability between applications. It is really important for us. We were so early that the metadata standard, which is entirely open, OpenSea sort of is the place where you come to learn about that and understand it and implement it. So we have this exciting opportunity to really push it forward as the space evolves. And it's something that we want to continue investing in over time.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Been traditionally like a very small company during this sort of hyper growth phase. So, generally speaking, we have to be very rigorous about what we do and what we don't do, but we are acquiring more resources on the team we're actively hiring. So that's always a constraint for us is how much can we do with the team that we have. That being said, I think the biggest area where we've been pioneering and really trying to push the space forward regarding sort of this idea of interoperability, the ability to bring an NFT from one application to another is around the metadata standard, which we talked a little bit about earlier. You can basically richly describe what this NFT is. So you can give it a name, description, image. You can also give it properties, which basically say like this NFT is sort of rare or has gold chain or something like that. And this metadata standard allows other applications to go and surface these things in interesting ways. We also provide an API that allows anyone to easily pull NFT data.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “When you list something for sale, you basically give permission to this smart contract to transfer it to a buyer in a certain set of circumstances, in a certain set of circumstances are essentially when the other person supplies the requisite amount of payment. It stays in your wallet, and when someone purchases it, they submit a transaction to the blockchain. And in sort of a single atomic transaction entirely succeeds or entirely fails, both the currency is transferred to the seller and the item is transferred to the buyer. And so what's interesting about that is if we were to build this in sort of more of a traditional fashion, we might say, okay, you know, you want to list a thing for sale, give it to us, and then we'll transfer it to the buyer whenever they want it. That is not the case with OpenSea. It never sort of leaves the hands of the seller.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Account or something like that, or in OpenC, or somehow tied to OpenC. And really, the reality is that it lives inside of your wallet. And OpenSea is more of just like a portal to view the stuff inside of your wallet and list them for sale. But we're really just providing this lens into your wallet. We can't just destroy your NFTs or we can't really do anything to them without your permission. The other exciting thing about that is because they're in your wallet, you can go and like use them in some other context. So you could buy like a piece of art and then you can go to some other website and connect your wallet and then like put that art on display in some like gallery or something like that. You could buy a piece of clothing for the game to Central Land, which is a sort of second life type style virtual world game. And then you can go into the central land and connect your wallet and then you can put that clothing on. I think the magic of NFTs is really that you own them in your own.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Way that you interact with OpenSea is you first get your own crypto wallet. So the most popular one these days is called MetaMask. This is your wallet where you can self-custody both your crypto, so your Ethereum, and then as well as your NFTs. That's the first step. To buy an NFT on OpenSet, you will need to first buy crypto. We do have a widget that works in some locales to purchase crypto directly on OpenSea, but there is still this sort of process whereby the first step is you get Ethereum and then you buy an NFT in Ethereum. And you're going to be submitting a transaction to the blockchain and buying this thing directly from the person who is selling it facilitated by a smart contract. There's a lot of technical details that go into that. What's most exciting is that once you've bought that NFT, I think one source of confusion is a lot of people think it's like in their open sea.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Think gaming has been successful in some regards as it relates to NFTs and crypto. So Axie Infinity, I think, is a great example of a game company that has had a very successful business building a blockchain game in a community around it. There's questions around the longevity of their game and whether or not people will keep on playing it without the economic incentives. But I think that with games, it's just sort of this cyclical phenomenon where you have the extreme early adopters, the axiomities of the world, some of those early companies and the MOGA brands, I think is a good one that we're like extremely early into blockchain testing things out, seeing what works.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Just a single piece. And so this generative idea adds a little bit of a game mechanic to it, makes it so that when you buy something you don't know necessarily what it's going to look like. And that's sort of this fun dynamic. The way I would look at it is it's just art, but tailored to the medium of blockchain and NFTs that I think has really resonated with people. That's kind of why I think it's doing pretty well as a project.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “So, the idea of generative art is basically art pieces that instead of just being created by a human are created from data source or like some generative algorithm, you can have larger numbers of them where each one is unique and they have these interesting properties associated with them versus each one having to be created individually by human. And this isn't like a crypto specific phenomenon. It's just sort of a way of making art. Art blocks is a generative art project. And I think what's interesting is that There are also projects in crypto where taking the existing model for making art where someone creates a piece of art and then sells it and it looks beautiful and sort of this original thing but I think what's cool is with generative art they're sort of fitting the medium of crypto a lot better so with crypto art you want to have a good number of people holding a type of piece as opposed”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “People with a way to show off and appreciate each other in this environment. And it is a weird one. People are spending lots of money for these things. And I don't think it's like a fully positive cultural movement. That's what's interesting to me is that you talk to people today and they're devoting their entire lives to crypto and they're sort of all of their friends are in crypto. And that community is slowly but steadily growing and you sort of have this really interesting ecosystem that people refer to as Web3 and NFTs are providing a social component to that. You have something that you can like show off on your theorem address where it previously was really just the DeFi applications that you interacted with, which wasn't really a social experience. So that's kind of what I think is interesting about it.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “What's interesting about that is if you zoom out, I think you can look at crypto as this cultural movement. I would say that when you fall down the crypto rabbit hole, there's certainly some people who can like straddle to areas of interest. Like maybe they are in traditional tech, but they're also in crypto too. But I would say a large percentage of people just end up devoting their entire lives to crypto quitting their jobs, either starting a crypto company, dilly-dallying around, messing around with DAOs, all these things. You could maybe say that about some other industries where there's people making this mass exodus into VR or AI, but I don't think that there's the extreme cultural movement that you see in crypto. And I think these specific types of NFTs that Board ABO Club crypto punk of the world are really playing into that cultural movement and providing”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “Art and collectibles and these sorts of things having it be this sort of self contained thing makes a lot of sense but when you're using it for more utility based applications like games it almost doesn't matter as much”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “I'd say is it's really important for collectibles and art where there's not a specific environment where you're supposed to be using this thing. There is a crypto punks website, but it's sort of like this autonomous thing where like you can take your crypto punk kind of wherever you want with you. For that reason, it's really important that the metadata sort of lives on the blockchain. But on the other hand, a game that's using, let's take like Zedrun, for example. So Zedrun is a horse racing game. When you buy a horse, you're not just buying it as like an art piece or a collectible. You're buying it because you want to like race it against someone else's horse in a game. There's so much that relies on the game running Z run being an actual game that you can play that it almost doesn't really matter where the metadata is stored because if the game shuts down then your horse is not really that useful.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Book from IBFS, or we'll pull it from centralized data sources, and we'll sort of be this giant cache. And we're very much incentivized to sort of”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “Some server that if you hit a URL on it, it's going to return the metadata. And that's where an application that wants to show you your cryptocuries, they have to kind of go there and grab that data and that data can change over time. You can kind of see that the on-chain way is a lot more permanent. It's a lot more immutable. And there's sort of these guarantees around it. And the off-chain way does not have a lot of those guarantees. And they're somewhere in the middle where you say like, okay, we're not going to put it on chain just because it's expensive. That's really the constraint of putting this stuff on chain, but we're going to put it on this decentralized file system, one of which is IPFS and it's also RWV. And it'll be off the blockchain, but at least it has these other characteristics where it's permanent and immutable. So there's a whole spectrum. And I think one interesting thing that's happened is applications like OpenC, for example, we go and pull that data from whatever source. We'll pull it from the chain.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “The way to think about an NFT is it's really just the record of ownership of some unique identifier. Let's take crypto punk number one, two, three, four, five, for example, the smart contract on the blockchain has this record that says Devin is the owner of this particular identifier, but the metadata, the name of that thing, the description of it, the image associated with it could, at your point, be stored in a variety of different ways. So on one extreme, you have storing that data on chain. So meaning that literally in the blockchain, you have the name, code, the image in some capacity, usually you just is not possible, but various ways of trying to do that, and you have everything on-chain metadata. The other way, which was what Crypto Kitties did, for example, is you just say, okay, there's some.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Very surprising projects. It's these sort of cryptocultural phenomena, the crypto punks forward, API clubs of the world, as opposed to we would have bet on games if we had to bet on something. And games are certainly, they have a ton of potential and some of them are doing well. But if we had built a marketplace just for games, then we would have missed out on all of the opportunity that we've seen in collectibles and art. So I think that was probably just the most important piece of the strategy.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “Vertical and the land and expand model, and you can pattern matching and say, oh, that's sort of what Amazon did for books, really strongly believe is like every industry is really different. It's very dangerous, I think, to just like take the playbook of one trend and then apply it to another one because Amazon did this, we should do this. It's you need to really think about these things from first principles. The reason that Amazon started with books, they're very different business than the business of peer-to-peer marketplace for digital items. And I think the better comparison for us is eBay was very early and just sort of was the place where you could do this and just continue to invest in the customer experience. And then, of course, Amazon eBay, right? That story played out differently over time. But yeah, I think just like really staying horizontal and not being overly dogmatic about what use cases would work. If you look at the recent growth that's been”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “Yeah, well, I do think a big component of it was just being the first and earliest and then continuing to invest in the features that users wanted and sticking around, right? So back in 2017, when we started or late 2017, it was not a very competitive environment, right? There were a few competitors and there wasn't some magical strategic move that we made to best our competitors. Really, it was just people kind of left because there wasn't much traction. And so it was more really just being excited enough about the fundamental idea to wait to kind of work on it for three or four years. Honestly, if I was attributed to one thing, it was just being early and sticking around as unsexy as that might sound. I do think an important strategic decision for us was being horizontal from day one as opposed to trying to really nail a specific”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “Being tokenized as NFTs. So everything from game items, event tickets, digital art, even physical items, we think that more and more things are going to benefit from this native digital ownership. We hope to serve as many as we can. We also acknowledge that there's going to be lots of different portals to visualize and view and explore and trade these things, but we want to be the one that solidifies, builds a trusted relationship with consumers.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “That's a good way of framing it. We're a one stop shop for all of your NFT and portal into this new universe. We've always built our platform very horizontally, meaning that we didn't know what was going to be the most successful use cases for this new type of digital item. And we built generic tools that allow any project to come online and have a peer-to-peer marketplace from the get-go. And that providing liquidity for these projects turned out to be a really important function. And then on the consumer side, we have a long way to go here, but we do want to be the entry point for people who are learning about how to buy and how to sell these things. We just launched our mobile application, which allows us to have a permanent home on people's phone where they can go and see what's trending, see what's interesting, and participate in this. What we're really excited about with regards to everything store idea is just more and more”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “I don't know the exact numbers of listings, but there's 12 million items you can explore on OpenSea if you go and browse our website. You can dig around, you can find NAFT. Although that influences things that are not listed on OpenSea as well, those are things that you can just kind of go and find. In terms of volume, last month we did 3.4 billion dollars in transaction volume on the marketplace. September looks to be around that same number. I think the crazy thing for us is that we've gone from about a million dollars per month in transaction volume. If you rewind back to August of 2020 to now the billions. So it's been really exciting to see the NFT space grow and the diversity of projects grow. So there's just a lot of really cool stuff that people are building. There's people who are just so excited about this. I'm here in New York. You get to just meet lots of people who are building new NFT games, new NFT art projects. It's really flourishing.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “Yeah, from there, it was like, oh, well, maybe there's actually a bigger idea here where it's not building another experience on top of crypto kitties, but rather building another experience marketplace for cryptocuries, but then a marketplace that could span horizontally across other NFTs that come online, this sort of idea of interoperability would apply to something that maybe was actually like a much more long-term play. That was where this idea of building a general NFT marketplace came from. The nice thing that happened after that was other NFTs came online slowly but surely. So there was decentraland land, which was a virtual world where you could buy land as NFTs. There were a few little like trading card games. There's new things coming out. It seems like this trend is early, but legitimate. And some of these things need marketplaces.”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “First time they were ever installing MetaMask, which is a browser based Chrome extension that allows you to have a wallet inside of your browser. And it was really the first time that people were getting their hands on what people now refer to as Web3. That was just really cool. We sort of joined the communities. And one of the exciting things about CryptoKitties was the fact that you could permissionlessly build other applications on top of CryptoKitties. So for example, someone built something called Kitty Race, which allows you to take your crypto kitties, which again, you kind of owned on the blockchain and race them inside of this other application. Or like there was something called Kitty Hats where you could accessorize crypto kitties. And actually, I was thinking about creating crypto kitty battling just because I thought, you know,”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “Sure. Yeah. So the way that we came across the idea for OpenSea was first started with crypto. We were just my co-founder and I were just really excited about what was going on in crypto. There was all of this philosophizing about the future of the internet, future of finance, these protocols and autonomous organizations. And we were just really interested in that, just reading all the white papers. Kind of the classic falling down the crypto rabbit hole situation. crypto kitties hit while we were working on this other idea, which was around decentralized network for sharing internet bandwidth that was very much in its infancy, but crypto kitties, when it happened, which was the first NFT, it was this digital cat reading game where you could buy and sell these cats and trade them on the blockchain. It was just really interesting to see a blockchain-based application oriented towards a consumer audience. So for a lot of people, that's”

    2021-10-07 · Invest Like the Best · Devin Finzer - An Everything Store for Digital Assets - [Founder’s Field Guide, EP. 53] · IDENTIFIED FROM THE TRANSCRIPT · source