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Wednesday, October 20, 2021

NFTs marketplace OpenSea faces insider-buying accusations

This post was originally published on musically

OpenSea is one of the biggest NFT marketplaces, but it’s in big trouble this week.

“Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” wrote CEO Devin Finzer yesterday, in a blog post sparked by a Twitter thread that appeared to expose exactly that.

Cue Finzer expressing disappointment, promising an “immediate and thorough third party review”, and clarifying the company’s rules on its team not buying or selling NFTs if they are being promoted or featured.

“For a new, more open internet that empowers creators and collectors, we will need to bake in trust and transparency into all that we do,” he wrote. Yep.

There are some important lessons here for the music industry too, as more artists and labels explore creating and selling NFTs. They’ll also sometimes be privy to the kind of advance information on homepage promotions etc. Using that knowledge for insider buying is a very bad idea.

Stuart Dredge

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