OpenSea is being criticised on Twitter because of how they verify users. NFT influencer Nathan Head summed up the community’s need with these words: make it make sense. He used the example of Invisible Friends Specials to illustrate his idea. The future charity auction has 0 percent trade volume, however it is already confirmed. It’s still not clear whether or not Azuki, which can be traded for about $317 million, is real.
If you are not a well-known person or group, your collection must first have a trading volume of 100 ETH, according to the support site. This means that high-profile collections aren’t always necessary to meet the “100 ETH” requirements.
There was a rush by the community to give their thoughts on the subject right away. Julien Dorland, the CMO of Mekaverse, talked about how he worked with the OpenSea team and how he was able to get their project to be approved. The man said that he had taken down more than 250 false collections with OpenSea before minting with the company. “I had built a good relationship with the staff.” Before we showed the art, they reserved the “MekaVerse” collection name and double-checked that it was correct. Nothing was given in exchange for having good relationships with their team.
Others have issues with OpenSea as a whole, not just the login process. This issue has resurrected the demand for a decentralised marketplace. Because OpenSea is a centralised marketplace, they manage all platform transactions, including verification. Some argue that this undermines the cryptocurrency’s decentralisation goal.
Asset recovery, along with verification, is a big topic. It was recently fined $1.9 million for freezing stolen NFTs. OpenSea has been called BrokenSea by certain users.
Despite the criticisms, OpenSea is dominant. A successful Series C investment round was announced at the start of the year. This round’s major NFT market was valued at $13.3 billion post-money. Five months after achieving Unicorn status, the platform has now attained Decacorn status!