3 ms·

> Having one neutral platform, controlled by no one, with standardized API's and immutable open programs that anyone can permissionlessly build on - is amazing

> Having one neutral platform, controlled by no one, with standardized API's and immutable open programs that anyone can permissionlessly build on - is amazing It is unquestionably amazing. But it's not the reality. Most data is not stored on the blockchain but instead in proprietary databases due to the prohibitive cost. And even if it was free the VCs are pushing hard for a defensible moat i.e. lock your users in with proprietary data and features. We've seen this play out with OpenSea and how its view of NFTs is different from what's on chain.

miracle2k 4y ago
The data that matters is all on-chain: the smart contracts and the balances. This is why what Tim talks about has actually played out, and we have seen incredible composability between different protocols. > We've seen this play out with OpenSea and how its view of NFTs is different from what's on chain. If anything, the NFT ecosystem proofs this point. It consists of a dizzying array of aggregators, lending platforms, fractionalization platforms, alternative marketplaces, curation tools, API providers, all interacting with another. The fact that OpenSea retains a large marketshare among marketplaces is true (though now down to 60% - https://dune.com/sealaunch/NFT https://dune.com/sealaunch/NFT), but hasn't stopped this interoperability at all. Because in fact, what matters is on-chain, not what OpenSea exposes.
- oblio 4y ago
  The fact that you use the NFT ecosystem as proof of anything is baffling. NFT doesn't even store its data. It's not even a true protocol that mandates things ensuring stability. You're buying thin air.