OpenSea, a marketplace for non-fungible tokens (NFTs) that operated almost 90% of NFT volume in 2021, apparently doesn't want to admit it's still a Web2 company despite vocal statements about decentralization.
In a recent commentary to the Verge, a spokesperson for OpenSea Abram Smith said the platform offers "portability and control" over digital property, which is "simply not available in Web2." Smith noted:
We take a coordinated approach to building a safe and friendly experience for our users without undermining the fact that they’re interacting with blockchains.
Smith's words found no support among NFT analysts, though. An anonymous analyst in the NFT space told the Verge that the marketplace is strictly following principles dictated by VC giants like Andreessen Horowitz by decentralizing products without losing control over the product:
The dominant platforms seem to be really designed around Web2 values. It definitely is a space where you have to be hyping the hype; otherwise, you’re out of the club. It’s kind of like Scientology in that way.
OpenSea is indeed a heavyweight company in the crypto market given its valuation of $13.3 billion.
As To The Moon previously reported, the trading volume on the platform in 2021 surpassed the $13 billion mark, generating 88% of the total trading volume (~$12.5 billion). This is a major step forward, given that the company's $33 million in 2020.