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Insider trading on the NFT marketplace OpenSea

The NFT marketplace Opensea. (Photo: Tada Images / Shutterstock.com)
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OpenSea confirmed the rumors of potential insider trading in the company last week. The start-up was recently valued at $ 1.5 billion. The person responsible should have already submitted his termination.

“Yesterday we learned that one of our employees had bought NFTs that he knew should be displayed on our homepage before they appeared publicly.”

In a blog post, OpenSea CEO Devin Finzer explained that an employee used the knowledge he had acquired during his work in the company to buy NFTs, which will soon be published on the homepage of the popular trading platform should be – and would therefore probably increase in value.

What is an NFT anyway?

NFT stands for “non-fungible token” and, technically speaking, can contain anything digital – regardless whether drawings, animated GIFs, songs or objects in video games. An NFT can either be unique, like a painting, or one of many, like trading cards – the important thing is the blockchain records who is the owner of the asset.

NFT have caused quite a stir in crypto in recent months -Space provided, as some have changed hands for record sums in auctions.

Crypto-Twitter asked

But back to OpenSea: while the company did not want to comment on the identity of the employee, crypto stayed -Twitter with possible allegations not back. The community members took advantage of the properties of the blockchain and quickly came across the public wallets of Nate Chastain, OpenSeas Head of Product. He is said to have made several thousand US dollars by flipping NFTs.

Chastain himself still has did not publicly comment on the allegations. However, his Twitter profile now contains a new addition: past @opensea – indicating that his time at the NFT marketplace is probably over.

OpenSea brings out app

Nonetheless, OpenSea surprised with an innovation and released a App for both Android and Apple.

The mobile app should enable users to discover new works, save them as favorites and filter the NFT search. Statistics on various NFT collections can be viewed and there is news on exclusive releases.

The buying and selling of NFTs should not be possible on the mobile version of the popular marketplace.

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Sallie Anderson
Sallie works as the Writer at World Weekly News. She likes to write about the latest trends going on in our world and share it with our readers.

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