As a crypto analyst who's seen multiple hype cycles, OpenSea's trajectory fascinates me. This deep dive examines how the former NFT kingpin went from $133B valuation to SEC crosshairs, analyzing its strategic missteps, Blur's disruptive rise, and why 'JPEGs as securities' could reshape crypto regulation. With proprietary financial insights and regulatory tea leaves reading, I unpack what went wrong - and whether there's life left in digital collectibles.