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Nate Chastain, the former head of product at OpenSea, was convicted of money laundering and wire fraud in a New York court in the first NFT-related insider trading prosecution. Nate used inside knowledge of OpenSea to trade NFTs and was found guilty on May 3.
Former OpenSea product manager Nathaniel Chastain is facing charges of wire fraud and money laundering for allegedly buying NFTs based on confidential information and selling them for over $50,000 illegal profit. The jury is currently deliberating on whether he is guilty of insider trading.
Former OpenSea product manager, Nathaniel Chastain, is on trial for wire fraud and money laundering charges related to an insider trading scheme involving NFTs. This case marks the first criminal insider trading case involving digital assets and may have implications for the legal classification of NFTs.
OpenSea has announced the launch of OpenSea Pro, a new marketplace aggregator designed to cater to professional NFT traders and compete with rivals like zero-fee platform Blur. Creator fees will be set at 2.5% for OpenSea's main platform and will be zero for Pro users. OpenSea Pro is a rebranded version of the NFT aggregator Gem v2 following OpenSea's acquisition of Gem in April 2022.
Ryoshi, the creator of the meme coin Shiba Inu that has garnered immense popularity and gained attention in the cryptocurrency industry, has managed to keep their identity hidden since its inception. Nonetheless, according to Coinbase directors' recent discoveries, some information has unveiled Ryoshi's identity.
On Tuesday, Blur—the rapidly-growing NFT marketplace—announced that it will be airdropping 300 million additional tokens to its most loyal users. The news comes just a day after Blur unseated OpenSea—its biggest competitor—as the Ethereum NFT trading platform with the highest trading volume.
The NFT marketplace Blur has seen a surge in users as they are looking for better returns on their investments. This has caused the daily ETH trading volume on Blur to overtake that of OpenSea. People are seeking out an environment that works in their favor when it comes to NFT trading, and it appears that Blur is providing that.
On Wednesday, the zero-fee marketplace released a blog post detailing how creators can make full royalties on their platform. They proposed that creators block sales on competitor OpenSea to ensure they are receiving the highest possible profits. The post outlined the advantages of the zero-fee marketplace and the benefits to creators who take advantage of it.
OpenSea has revealed exciting news for NFT creators. They will be introducing a suite of new tools on their marketplace, called Drops. This feature will give creators more control over the minting process, allowing them to streamline the process and make their NFTs more accessible. OpenSea's Drops will make it easier than ever for creators to get their work out into the world for fans to appreciate and admire.
Venly, one of Shopify's blockchain apps, allows merchants to mint and list NFTs through their storefronts. Instead of referring clients to popular, dedicated NFT marketplaces such as OpenSea, Rarible, and Magic Eden, Venly can be used to mint NFTs on Avalanche.
At OpenSea, we're excited about a brand new type of digital good called a non-fungible token, or NFT. NFTs have exciting new properties: they’re unique, provably scarce, tradeable, and usable across multiple applications. Just like physical goods, you can do whatever you want with them! You could throw them in the trash, gift them to a friend across the world, or go sell them on an open marketplace. But unlike physical goods, they're armed with all the programmability of digital goods.
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Year Founded: 2017
HQ Location: SoHo, New York, NY, USA
HQ Timezone: America/New_York
Alexa US Rank: 316
Alexa Global Rank: 322
Total Employees: 270
Total $ Raised: 427,200,000
Estimated Annual Revenue: $10M-$50M
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