OpenSea exec used the platform’s influence to pump his own NFTs
Allegations of NFT insider trading have been confirmed by OpenSea, which issued a statement about its head of product lead. An OpenSea executive has been outed for hyping nonfungible tokens he purchased and then featuring them on the homepage of the popular NFT marketplace — a move that presumably allowed him to sell the art pieces for a quick profit.Nate Chastain, who serves as OpenSea’s head of product, allegedly used burner wallets to purchase NFTs, which were then featured on the front page of OpenSea — where they’d receive the most attention — before unloading them. A Reddit user....
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Scammers appear to be taking advantage of an OpenSea bug in order to purchase valuable NFTs at a considerably cheaper price than their current listing. Several researchers and developers have detailed the ongoing problem, with some claiming that specific NFTs worth hundreds of thousands of dollars have been stolen by exploiting the platform’s bug. OpenSea […]
Peer-to-peer NFTs and collectibles marketplace OpenSea is feeling the heat after admitting insider trading. It follows that an employee abused their position to front-run the purchase of NFTs before they were promoted on the website’s homepage. OpenSea users have voiced their displeasure, accusing the platform of allowing “insider trader.” But with no specific NFTs legislation […]
As a result of the system bug, a total of 42 NFTs were burned in the course of 30 transactions. Reports have emerged that a bug on OpenSea's marketplace has deleted user-owned NFTs worth 28.44 Ether (ETH), nearly $100,000 at the time of writing.The information was revealed online by Nick Johnson, lead developer of Ethereum Name Service, or ENS, who reportedly lost an NFT that was linked to the first ENS named rilxxlir.eth. ENS is a naming system that allows users to store text-based content as an NFT on the Ethereum blockchain.While transferring the NFT from an ENS account to a personal....
Reddit’s launch of limited edition NFT avatars has led to a large premium on secondary sales on OpenSea. Sales of recently launched Reddit blockchain-based avatars are rising on nonfungible token (NFT) marketplace OpenSea, outperforming the platform’s proprietary store.Reddit, the “front page” of the internet, plugged into the burgeoning world of NFTs with the announcement of collectible avatars in July 2022. The avatars became available to users in August and are already generating thousands of dollars in sales for artists.Reddit users are able to purchase a variety of avatars for their....
OpenSea surged as the reigning NFT marketplace in 2021 despite community criticism. Here are five rivals that could potentially top it in 2022. OpenSea has been the dominant decentralized platform for users looking to mint, buy, sell and trade nonfungible tokens (NFTs). Serving more as an NFT aggregator than a gallery, OpenSea locked in $3.25 billion in volume for December 2021 alone, according to data from Dune Analytics and from December 2020 to December 2021, the total volume increased by a whopping 90,968%.No stranger to contention and criticism, OpenSea has had its fair share of....