Ponzy

Are you ready for Alpha Arena?

Answer

I’ve seen a lot of feedback over the last few weeks on our rewards program. I read it all and appreciate it. Please, keep it coming. I’ve always promised to be as communicative and transparent as I can be with y’all - so thought I’d take a minute to comment on a few things. First, let’s talk for a moment about fees. OpenSea has a 1% platform fee for NFTs and a 0.85% fee for token trading. Magic Eden charges 2% fees for NFTs. Photon collects 1% on token trading, MetaMask charges 0.875% for swaps, Phantom 0.85% for swaps, Axiom’s fees start at 0.95%. Our fees are very competitive. On top of this, OpenSea has committed 50% of these fees to regularly provide community rewards back to users. We’ve generated almost $4 million in the last few weeks alone which has been used to purchase NFTs and tokens, broadly celebrated by the community. Everyone who participates in this rewards phase also receives a Treasure each season which will be meaningfully considered by the Foundation at TGE. So respectfully, I wanted to directly address the narrative that “OpenSea raised fees just to farm users,” which simply doesn’t hold up. We designed a program that we believe is genuinely fun and rewarding for those who participate. So let’s talk more about that design. This phase currently treats token and NFT trading equally; $1 spent on NFTs generates the same chest progress as $1 trading tokens. With tens of thousands of tokens to trade and comparatively lower fees, our structure avoids many of the pitfalls of past incentive programs that focused exclusively on NFTs. More than half our volume now comes from token trading! All of that said, your feedback on only rewarding volume vs. collectors is well taken. Candidly, this is something that Shipments are good at addressing. For technical reasons, they’ve been slightly delayed, but are coming back soon. I also know that you want to see more varied and interesting Voyages - which is also being actively worked on by our team. I appreciate that y’all are so passionate about this. I wake up every single day alongside others at OpenSea thinking about how to best support our community and move the space that we all love forward. It’s why we’re working so hard to build an amazing product at scale that can truly be your web3 home across all wallets, chains, asset types and platforms. Thanks for listening and being on this journey with us.