OpenSea is a decentralized marketplace for buying and selling NFTs. It was founded in 2017 by Devid Finzer and Alex Atallah. With NFT’s total trade volume exceeding $40.9 billion last year, the NFT marketplace is also setting new records this year. It’s the world’s first and largest NFT marketplace backed up by many angel investors such as Mark Cuban, Balaji Srinivasan, Avichal Garg, and many more. It includes collectibles, games items, digital art, domain names, music, and other digital assets developed on blockchain technology, mainly Ethereum. It is also a digital asset aggregator and includes digital assets available on other marketplaces.
Again OpenSea is on the news. Twitter crypto is once again calling out OpenSea for its verification process. The crypto community says, “Make it make sense,” as they have no idea how OpenSea gives verifying NFT collections.
OpenSea’s Verification Process
Before we go further, it is vital to understand the existing verification policy of OpenSea. According to their support page, your collection must first reach a trading volume of 100 ETH if you are not a high-profile organization or public figure. However, no terms suggest the criteria for choosing a high-profile organization or public figure.
It is not the first time the NFT community has raised questions regarding verification against OpenSea. It was done before by Beanie. This time, NFT influencer Nathan Head has slammed the verification process of the OpenSea. He pointed out that many projects with over $100 Million revenue are not verified. They have pleaded to OpenSea for weeks, but no action was taken against their plea. Meanwhile, many brand new projects that have not much volume have been easily verified by the OpenSea, making no sense.
To illustrate his point, he has given the example of Invisible Friends Specials and Azuki NFT. Invisible Friends Specials is an upcoming charity auction NFT with zero trade volume yet verified. But Azuki NFT, which has 118,500 ETH or $317 Million trade volume, is still not been verified by OpenSea.
The NFT community quickly anticipated this tweet and jumped into the thread to express their thoughts. Despite having millions in trade volumes, the community gave examples of many unverified projects. Jeremy Booth, Founder of Bushido NFT, wrote that their project couldn’t verify having 271 ETH trading volume. Another example of a flawed verification process is Aliens Frens NFT. It has remained unverified despite it having 19800 ETH or approx. $53 Million trading volume.
Defenders of OpenSea
However, some users have also tweeted in support of OpenSea. Julien Dorland, CMO of Mekaverse, shared his personal experience with OpenSea and tweeted, “I took 250+ fake collections before mint, which helped him form a strong connection with the OpenSea team. They revered the name “Mekaverse” and verified it much before the artwork was released. Some other users have also defended Invisible Friends Special for getting special treatment. They have said that this is not an official collection and just a charity drop. So the verification mark is a must to prevent scams and ensure that the funds will go to charity only. They have also said they are verified because they have an official partnership with OpenSea.
This issue concludes that OpenSea needs to clarify the verification process on their platform. Many NFT collections have crossed the mark of 100 ETH and are still not verified. If OpenSea doesn’t address this issue adequately, then there might be severe allegations coming up in the future for this marketplace which would degrade them.