OpenSea Vampire Attack
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Shaan tells a story about how quickly competition emerged when OpenSea (an NFT marketplace) made an unpopular policy change.
"OpenSea, which was the big NFT marketplace, by far the dominant 100% market share type of thing, changed something in their policy people didn't like. Literally in like a 48-hour period, somebody spun up a competitor and did what was called a vampire attack.
In crypto, you could do this thing where you identify all the wallets that use OpenSea - they're all public. Then you airdrop them tokens that say 'if you come over to our platform and claim them, create your account here, you get free tokens.'
People think 'token might be worth something' and they basically vampire attack - they just sucked the blood out of one network to another. This has happened several times in crypto where they've basically tried to do this. To go from not existing to like 1-2 million users with a shot at 'hey if you deliver a dope user experience, this can work' - that's better than nothing."
Shaan Puri
Host of MFM
Shaan Puri is the Chairman and Co-Founder of The Milk Road. He previously worked at Twitch as a Senior Director of Product, Mobile Gaming, and Emerging Markets. He also attended Duke University.