Internal Trading for NFT Is A Thing Now

Image of Insider NFT Trading Is Thing Now

Figure: Jack Taylor (Getty Images)

You can be hopeful that the internal marketing of NFT is nothing but, apparently, a.

OpenSea, file online marketplace which is called “eBay of NFTs, ”He admits that one of his executives has been buying and selling electronic components using information from his website.

Of the platforms that allow you to buy and sell art-crypto, OpenSea is one of the most popular, with non-fungibles events on his platform every month. The company, which raised recently tens of millions of dollars to expand its platform, always has more contributions and hanging on its page, allowing visitors to view and purchase.

However, the chief marketing officer for the platform, Nate Chastain, seems to have been making money in many of these groups before they were released to the public.

Chastain’s actions were first addressed by anonymous Twitter users on Monday. Another user, @ZuwuTV, claimed that the exec was using several “secret” crypto wallets to buy NFTs from groups and artists before they were released. When the NFTs started trading and their prices were shot down, Chastain sold them to make a profit, Zuwu said:

Chinese cryptocurrency platform 8BTC also he says he has he analyzed the wallet linked to Chastain and said he had found $ 67,000 in Ether (ETH) funds.

After a brief post on the internet, OpenSea responded to users’ complaints and a blog post, published Wednesday, promised a change. The message does not explicitly state that Chastain is a party to the event. Instead, he says:

“Yesterday we heard that one of my co-workers bought items that he knew would be shown on our front page before he got there in public. This is very frustrating. We want to know that this behavior does not represent our values ​​as a group. We are looking at this in more detail and are reviewing in detail what has happened so that we can better understand the facts and the alternatives we need to take. ”

The company also claimed that it had enacted new rules prohibiting OpenSea members from buying or selling certain NFT products while the company was promoting them, or “using secrets” to buy and sell.

In my humble opinion, NFTs are already wasting more time and money (often insulted such as the digital Beanie Babies for the Wealthy Wealthy People) that such development does not seem surprising. Less a smaller portion of crypto guarantees that systems that may be illegal in some industries are, in NFT-land, a low-cost, even permissible, business.

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