kripto tech

alright, let's address a few items that keep popping up on the timeline. every single dollar that opensea received in platform fees over the last 5 months was used for one of two purposes: 1. to purchase prizes which were distributed via treasure chests 2. to offer optional refunds via our claim site imagine all of the platform fees in a single account. we spent some of the funds on prizes. and then had to figure out the right way to distribute what was remaining across hundreds of thousands of wallets. on the refund page we shared a ledger of: 1. how much each user spent on platform fees (i.e. how much they contributed to the "account" above) 2. what we paid for each prize they'd already received in their treasure chests if there was a gap, that became the optional refund amount. which we determined was the fairest way to redistribute 100% of the remaining funds. let's talk for a second about those two numbers above. when calculating how much each user spent on fees, we did it based on the USD value of those fees at the time of transaction. so for example, if you paid 0.01 ETH of platform fees on Nov 1st, we took the USD value of ETH that day, which was $3,800, and attributed $38 vs. the value of that same ETH today at $21. this was opensea essentially going back in time and irrefutably doing right by users. when showing the ledger of prizes, many are incorrectly viewing this as "what they're worth" compared to how much opensea "paid" out of our fees account for those prizes. i get it guys, not every NFT is worth today what it was when you received it. and i know sometimes you had to pay royalties to sell them. but the reason we shared this information was to help you understand how we calculated the refund amounts and redistributed the remaining fees from the account. this was very simply, transparency. to those who didn't have a refund to claim, it meant that you were one of the lucky ones. the amount opensea paid for the prizes you received was more than you had actually spent in platform fees. so you got to essentially trade for free for 5 months and still keep the Treasures you earned. the fact i see people complaining about this particular outcome is puzzling to say the least. on the point of not providing more details on TGE - that's essentially why the refunds are being offered. the Foundation will share more when they're ready. but you should not expect more information in the immediate term. opensea was not required to provide these refunds. we did so because we thought it was the right thing to do. if you're truly upset about the way they were calculated, or frustrated that more information on TGE isn't being offered right now, in my opinion, you should personally consider taking the refund. i for one am extremely excited about what we're creating and our future. opensea is building incredible things that will change the way the world interacts onchain. and we're not going anywhere.