Slick retweetledi
My last comment about the OpenSea announcement, then it's just not worth the airwaves. I listened to the discussion between @ChrisJourdan and @HollanderAdam... glad they did this, helpful way of fielding the most common questions.
My overall thoughts/concerns are this. I think a lot of the product team is doing a great job.. are much better executors and communicators than in the past. There have been significant updates that have meaningful improved the user experience in the last year. Kudos.
My biggest concern is "The Foundation". The way Adam kept saying it in the interview, you could literally put it in air quotes and I just envision a board room full of Wall Street suits making all the high level decisions, especially the ones that continue to milk users for fees in an already tough environment. For a platform that continues to repeatedly say they care about NFTs and their collectors, the fee-farming waves were an egregious overstep of trust.
I think launching $sea in a tough market a lower FDV and growing it organically is a great path if you truly have long term vision. However, that doesn't seem to be the path they want.
My 'read-between-the-lines' interpretation of this interview though is this:
- They don't want to drop it as a memecoin because it will get immediately dumped before investor unlocks come about. Memecoin markets are not and will not perform well moving forward.
- They don't immediately have utility that can provide enough intrinsic value or buybacks to the token to support its price through investor unlocks. They hope this will come in the form of tokens, perps, PMs but this is highly unproven in crowded markets for all of these.
- They are worried to the net cost of launching and trying to support a token will not outweigh the amount they make from it. So this is really not about rewarding users, its about whether its a profitable step for them.
After listening to the interview, it's increasingly likely in my mind the launch may never come. I also have a higher level of distrust in OpenSea, not because of Adam, Chris, etc. they are doing the best they can; but because there are decisions being made above them that are not aligned with collectors whatsoever.
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