bthdonohue

[bthdonohue]

But if the NFT market continues to decline, OpenSea won’t lead to an ocean of digital collectibles. It will be dead in the water.

The rise and fall of OpenSea

[bthdonohue]

OpenSea still has plenty of runway. It had $438 million in cash and $45 million in crypto reserves as of November 2023, according to an internal document, and it’s coasting on that capital as it hopes a “2.0” pivot will help it navigate choppy seas.

The rise and fall of OpenSea

[bthdonohue]

Most people I chatted with spoke ill of OpenSea. I was, after all, in enemy territory. “Instead of doubling down and supporting the creators who put them in the position to be the best marketplace in the market,” said Woods, in reference to OpenSea’s decision to not enforce royalty fees, “they instead turned their backs on all of us.”

The rise and fall of OpenSea

[bthdonohue]

OpenSea’s quarterly revenue continued to decrease, dropping to $23 million in the fourth quarter of 2022 and then $19 million in the first quarter of 2023.

The rise and fall of OpenSea

[bthdonohue]

In the third quarter of 2022, revenue free-falled to just $32 million, and OpenSea ran at a deficit of more than $27 million. “Morale just got really weird really quickly,” said one former employee.

The rise and fall of OpenSea

[bthdonohue]

OpenSea’s quarterly revenue decreased as well, dropping to $171 million in the second quarter.

The rise and fall of OpenSea

[bthdonohue]

OpenSea’s revenue reached an all-time high of $265 million in Q1 of 2022

The rise and fall of OpenSea

[bthdonohue]

One day after I told OpenSea we were planning to publish this story, Finzer announced on X that his startup had received a Wells notice. “We’re shocked the SEC would make such a sweeping move against creators and artists. But we’re ready to stand up and fight,” he wrote.

The rise and fall of OpenSea

[bthdonohue]

It’s a tough situation. We’re great admirers of Patreon, which we view as a historically significant company for helping kickstart the creator economy. It normalized the idea that people will happily pay creators and artists directly for their work online. So we feel for the company, which has served its creators well over many years. We know that Patreon and CEO Jack Conte hate to do anything that might upset creators.

The price of payments

[bthdonohue]

Today, Patreon is in the unenviable position of explaining to creators that it must implement Apple’s in-app purchases—along with Apple’s 30% fee—for its app. This means creators will either have to pass on the cost to their subscribers or eat it themselves. Some creators are understandably unhappy about these changes and have been letting Patreon hear about it, in some cases even threatening to leave the platform.

The price of payments

[bthdonohue]

The news arrives after Trump and President Joe Biden previously agreed to two televised debates, one on June 27 and the other on Sept.

Harris Taunts Trump After He Backs Out of Debates

[bthdonohue]

I’ll let you in on a little secret: you can! The trick is saying, “no thanks” more often to plans that involve you being away, and “yes please” to things that let you stay at home. The benefits are numerous:

$656,000 of Frugal Things I Still Love Doing

[bthdonohue]

rice, for serving (optional) Ingredient Substitution Guide Nutritional analysis per serving (4 servings)

Tomato-Poached Fish With Chile Oil and Herbs Recipe

[bthdonohue]

In November 2021, Lambda School rebooted. Income Share agreements were still available, but with ridiculous terms. Instead of $0 up front, students now paid up to $7,950. The maximum repayment cap was raised to $42,950. Most importantly, they removed the promise that you only paid back your ISA for a tech job; now you were on the hook for any job over $50,000 a year. The new Lambda School put heavy emphasis on traditional loans that charge up to 18.95% interest on $19,000 in tuition. They included a "Tuition Refund Guarantee." They claimed that if you don't get a job within one year, you get a 110% refund, but the fine print is ridiculous. Students must apply to ten jobs per week, reach out to ten strangers per week, and post ten code changes online per week, for 40 weeks in the next year. It's the student's responsibility to track all of this.

Fast Crimes at Lambda School

[bthdonohue]

With millions of dollars in the bank and the backing of the biggest names in Silicon Valley, the cards were stacked in Lambda School's favor. All they had to do was deliver a solid education. They didn't. Actually, it kind of sucked.

Fast Crimes at Lambda School

[bthdonohue]

At the same time, Income Share Agreements had a huge red flag in the form of decades of failed experiments. Milton Friedman proposed ISAs as far back as 1955, and many schools experimented with them over the years, from Yale in the 1970s to Purdue in 2016, shortly before Lambda School. Every school that tried them abandoned them, for reasons we'll learn in a bit.

Fast Crimes at Lambda School

[bthdonohue]

In under two years, Lambda School went from the hottest startup in Silicon Valley to a veritable pariah, unable to raise money as its bank account drained. As executives fled and investors expunged it from their resumes, a series of layoffs cut the school's staff from hundreds to dozens.

Fast Crimes at Lambda School