These are testing times for the crypto world, but there is still plenty of activity going on around NFTs, music and web3 technologies.
Earlier this week we reported on NFT marketplace OpenSea’s public statements about ‘creator fees’ for secondary NFT sales.
Say what you like about NFTs, but at least one of the strong plus points around this technology is the secondary royalties. Isn’t it?
Yesterday, Bloomberg reported that trading volumes in NFTs have ‘collapsed’ by 97% since their peak in January 2022.
Remember the heady days of *checks calendar* less than six months ago, when NFTs had sky-high values?
OpenSea has been chosen by a number of musicians to release their first non-fungibles over the last year. Now it’s facing some challenges.
The last time Music Ally wrote about NFTs marketplace OpenSea, it was having a rough week dealing with allegations of ‘insider buying’.
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.
OpenSea is the crypto marketplace that was recently used for the Kings of Leon NFT auction, and it is already billing itself as “the largest NFT marketplace” as interest in non-fungible […]