Blur v Opensea driving take rates to 0 makes me bullish on crypto. 

To me, one of the biggest value props of crypto is getting us closer to the efficient market and reducing rent extraction. 

Tokens potentially align incentives here, Opensea yet to crack (maybe doesn’t apply in this case)

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are creator royalties rent extraction in your view?

No not at all. Just commenting on platform fees. Getting rid of royalties is bad but inevitable without technical enforcement. 

Also don’t think platform fees are necessarily rent extraction if there’s cost to providing the service.

Got it. IMO all of this is ridiculously unsustainable. There’s cost to providing the service — servers, team, etc.

Take-rates can’t be zero and should include a profit margin for anyone good to want to build on top of protocols

Profits going to 0 is inevitable when you have perfectly commoditized products 🤷‍♂️

This is why I'm ultra-bearish on the whole "invest in protocols" thesis. As long as a protocol makes money, people will always be incentivized to create a new protocol rather than use the existing one.