So @opensea wants to sell 5 percent of their token supply to raise 150M at a 3.8B FDV I’m not even focused on the amount they want to raise. The real question is what value the token will provide that justifies a 3.8B valuation When you look at marketplace projects with actual token utility, the story already says a lot. It honestly makes you wonder if OpenSea’s founders studied any of this before pulling out their greed Magic Eden’s $ME seed raise was at a 1.9B FDV. Current FDV is around 344M LooksRare investors are down 98 percent and the token is sitting around a 2M FDV X2Y2 is around a 1.3M FDV and has not touched its ATH since 2022 Blur is sitting at a 118M FDV, down roughly 80 percent from investor price Now look at the use cases these marketplace tokens offered; LooksRare and X2Y2 launched tokens directly tied to marketplace activity, trading incentives, and fee redistribution. Their valuations at launch were far lower and were backed by measurable protocol revenues and clear user demand. Yet they are still almost 100 percent down today. So what exactly does OpenSea think it can do better than every marketplace project with similar token use cases has already tried? OpenSea is trying to price a token above the valuations of marketplace tokens that actually distribute value or provide operational utility. This raises a basic question about what the token will do that deserves such a premium Governance alone cannot carry a multibillion FDV. Reward loops and fee alignment are the core drivers of marketplace token value, and even those mechanisms could not keep the others afloat Whoever gives them money at that valuation deserves whatever loss they take from it