September 26, 2022

Regardless Of Insider Trading, OpenSea Transaction Volumes for Blue-Chip NFTs On the Rise

2 min read

One of the biggest NFT trading marketplaces OpenSea recently admitted insider trading by its executives. The OpenSea executives were utilizing proprietary info to gain from the NFT sales.

These employees apparently bought items before being publicly shown. The head of Product Nate Chastain, supposedly behind it, has actually been eliminated from his position. In its official blog post OpenSea validated:

This is extremely frustrating. We want to be clear that this behavior does not represent our values as a group. We are taking this really seriously and are performing an instant and extensive 3rd party evaluation of this event so that we have a complete understanding of the facts and additional steps we need to take.

OpenSea said that it has started some countermeasures to make sure that it doesn’t occur again. However, the deal volumes have actually picked up after dropping previously this year.

OpenSea Blue-Chip NFTs In Demand

Remarkably, this hasn’t stopped NFT financiers from chipping into blue-chip NFTs. The trading volumes for some of the blue-chip NFTs have escalated in recent times. The data from OpenSea shows that the trading volume for CryptoPunk NFTs has shot by a tremendous ~ 700% in the last 24 hours.

Courtesy: OpenSea The recent purchase from Reddit’s creator has actually led to renewed optimism for NFTs. As we can see, trading volumes for a few of the other blue-chip NFTs Bored Ape, Art Blocks, and Loot have risen substantially.

As we can see, the Ethereum-based NFT marketplace still remains a relied on location for individuals to buy and sell NFTs. Nevertheless, the recent episode has actually put doubts on the platform.

NFTs have created a significant rage in the crypto space with trading volumes reaching $3.5 billion. However, the momentum has seen a considerable drop in September. It will be interesting to see even more if there’s an ongoing surge in trading volumes.

The post Despite Insider Trading, OpenSea Transaction Volumes for Blue-Chip NFTs On the Rise appeared initially on Coingape.