Why OpenSea’s NFT Marketplace Can’t Win
WiredWhat is a real ape? A few days later, a blog post by former Signal CEO Moxie Marlinspike, whose experimental NFTs were removed by OpenSea, gave the impression that OpenSea risked becoming another traditional tech platform, the “How do you do, fellow kids?” to the edgy Web3 insurgency. In December 2020, the company announced that everyone would be allowed to “mint” their NFTs on the platform free of charge; three months later, that was compounded by the announcement that NFT collections would no longer need OpenSea’s previous approval to be listed. That model was in stark contrast with that of highbrow NFT platforms like Nifty Gateway or Superrare—which featured highly curated art collections—and ended up making OpenSea the biggest NFT marketplace on the web. In a backpedaling Twitter thread, OpenSea stated that over 80 percent of NFTs minted that way consisted of “plagiarized works, fake collections, and spam.” One day later, another PR disaster.
History of this topic
NFTs And Intellectual Property
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Explained | The OpenSea tale on the future of NFTs
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OpenSea to cut 20% of its staff
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The Future of NFTs Lies With the Courts
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OpenSea users’ NFTs worth $1.7 million stolen in phishing attack
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Art frauds on the rise on NFT platforms
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NFTs supplant Rolexes and Lambos as the new digital savvy flex
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NFTs are suddenly everywhere, but they have some big problems
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