OpenSea has had a lot of crypto weather in recent weeks. Increasing NFT market activity saw OpenSea gain popularity earlier this year. There are some negative news, however, that the NFT market is gaining traction.
On Friday, the OpenSea community was outraged by the decision to reduce the number of NFT creators. Due to public outcry, it was reported that the reduction to 50 minutes was short-lived. Developers can block NFTs with Ethereum (ETH) and Polygon (MATIC).
Late last year, we reported a $ 2.2m NFT theft that slowed OpenSea NFT in the NFT marketplace. At the time, OpenSea’s intervention raised concerns about decentralization. The marketplace highlighted the OpenSea action as a disruption to decentralized management systems.
Last week’s response to the community, however, was a reflection of decentralized governance as much as possible.
One night, it was OpenSea Wire back news that 750 ETH was returned to users who had lost their NFT exploits. According to Fate, OpenSea has unwittingly spent $ 1.8 million on users who inadvertently sold NFTs. Sales price was below market value.
The exploits in question include thieves who buy NFT and support crypto wallet addresses with inactive details to buy NFT.
For OpenSea and the NFT market, exploits are definitely negative. Earlier this month, OpenSea raised $ 300m in C series funding. Currently, OpenSea has set 4 goals for financial support.
- Accelerate product growth.
- Improve customer support and security.
- Invest in the wider NFT and Web3 community.
- Increase OpenSea team.
Government investigation has increased on untouchable tokens.
While crypto exchanges and the vast crypto market carry out regulatory negotiations, the NFT market is likely to be affected.
Earlier this year, MPs called on the UK government to impose stricter rules on cryptos and NFTs. “The UK Treasury Department is currently preparing a response to how best to control the cryptocurrency market,” the report said.
The MPs’ call follows a call by the Bank of England in December for an international regulatory framework to control the crypto market.
Since then, News has been able to track down cryptos, including NFT and new crypto launchers, by creating a FINTECH unit on the RBI Wire of India. India and the United Kingdom are not alone; the Central Bank of China has raised its voice against the NFTs and Metaverse.
With the Biden administration, the investigation could be intensified by the White House executive order in the coming weeks.
For the NFT and the NFT marketplace, strict controls can only be a good thing. Trading rates in the NFT marketplace continue to grow, and new players are entering the market. In recent weeks, reports suggest that the NFT market record year ahead.