Here’s how OpenSea NFT hacks hurt owners, buyers and even entire collections
Anyone can become the victim of a malicious NFT hack, so what more could OpenSea do to protect its users? The nonfungible token (NFT) market has been booming since the summer of 2021 and as NFT prices skyrocketed, so too did the number of hacks targeting NFTs. The most recent high-profile hack siphoned approximately 600 Ether (ETH) worth of NFTs from Arthur0x, the founder of DeFiance Capital, which were then sold on OpenSea.A 2022 Crypto Crime Report published by Chainalysis highlighted that the value sent to NFT marketplaces by illicit addresses jumped significantly in 2021, topping out....
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The NFT marketplace has clarified its stance on creator royalties after receiving significant public backlash from an earlier post. NFT marketplace OpenSea has announced it will continue to enforce royalties across all collections going forward, following outcry from creators earlier this week for considering otherwise. On Nov. 7 OpenSea announced they were launching an on-chain tool allowing creators to enforce royalties for any new collections on the platform, but stopped short of offering the same to existing collections.At the time, the marketplace said it would be considering options....
The market for nonfungible tokens appears to be reviving, with OpenSea already handling more volume daily than it did in the entire year of 2020. OpenSea Trading Volume Soars Over the weekend, OpenSea, a prominent marketplace for non-fungible tokens (NFTs), generated approximately $55 million in trade volume, about five times more than the entire year […]
With the increased adoption and attention to non-fungible tokens, several platforms like OpenSea emerged as trading hubs. As a result, people needed suitable grounds to interact and transact with the numerous NFTs available in the space. Hence, some platforms have been trying to bridge the gap and serve potential investors of collectibles. OpenSea is an NFT marketplace where many investors buy, sell and trade majorly NFT collections. The platform is a decentralized marketplace built on the Ethereum blockchain. Since its launch in 2017, OpenSea has meteorically risen as one of the largest....
OpenSea's critics said the policy change stifled NFT creators by trashing the ability to create unlimited collections and NFTs on the platform. NFT marketplace OpenSea has backflipped on a controversial decision to limit the number of NFTs and collections creators can mint using its smart contract.The platform previously allowed unlimited collections and items, but changed its policy to only allow five NFT collections with 50 items per collection when using OpenSea’s collection storefront contract.The unexpected announcement from OpenSea’s Twitter Support account, posted on Jan. 27, stated....
On September 17, the largest non-fungible token (NFT) marketplace in terms of volume, Opensea, announced the launch of the platform’s mobile application. Opensea marketplace users can now access a wide variety of NFT collections on their smartphones by downloading the application from Apple’s App Store or the Google Play store. Opensea Launches Mobile App for iOS and Android Phones According to marketplace statistics from dappradar.com, Opensea is the largest NFT market in terms of global trade volume. All-time statistics indicate that Opensea has seen 625,620 traders and....