NFTs have actually been taking control of the art world. And at the center of the $17 billion NFT market is a business called OpenSea.
OpenSea is the Amazon of NFTs, or non-fungible tokens. It’s an online market that enables individuals to quickly develop, offer and purchase NFTs. It’s among the biggest NFT trading platforms with more than 1.5 million active users, according to Dune Analytics.
This past January was OpenSea’s busiest month yet. It taped a regular monthly trading volume of almost $5 billion, exceeding its previous high in August of 2021.
Alongside that explosive development, nevertheless, the platform likewise has actually dealt with examination for user grievances on the platform associated to rip-offs and plagiarism. Crypto- associated criminal activity skyrocketed almost 79 percent in 2021 year over year, according to information from Chainalysis.
“We’ve been looking at market manipulation, wash trading and plagiarism and then your run-of-the-mill phishing scam, which is also something that has been coming into the NFT space,” Kim Grauer, director of research study at Chainalysis, informed CNBC. “So, we do see that kind of connection with scamming in the overall market activity.”
In an e-mail to CNBC, an OpenSea representative stated: “We prioritize the trust and safety of all people on OpenSea, and are working hard to make sure that creators, buyers, and sellers alike feel supported by our policies, tools, and service.”
Competition in the NFT area has actually likewise been warming up as regulators pay more attention to the crypto market. So what’s next for the world’s biggest NFT market? Watch the video above to get more information about the increase of OpenSea and what it might imply for the growing NFT market.
