OpenSea Faces Backlash Over Removal of NFT Pass from Fractional Uprising

OpenSea Faces Backlash Over Removal of NFT Pass from Fractional Uprising

OpenSea, the prominent NFT marketplace, has stirred controversy by delisting the Ethereum NFT pass associated with the Fractional Uprising project, citing violations of its policies against securities and options.

Reports from Decrypt indicate that the team behind Fractional Uprising refutes OpenSea’s claim, asserting that their NFT does not qualify as a security offering.

In a recent tweet accompanied by a video clip, Fractional Uprising expressed dissatisfaction with OpenSea’s decision to disable their collection. They noted that while their project remains visible on the platform, trading and listing functionalities have been suspended.

Developers have raised concerns regarding OpenSea’s lack of clarity and transparency in their communications. Fractional Uprising representatives argue that their project’s description and offerings do not significantly differ from those of other NFT initiatives. They are frustrated by the absence of an appeal process.

The delisting incident unfolds amidst significant developments within the NFT marketplace. Last month, OpenSea CEO Devin Finzer hinted at the company’s openness to mergers and acquisitions, suggesting potential growth and diversification strategies.

Furthermore, regulatory changes may soon impact the NFT landscape. Today, the leader of South Korea’s Financial Supervisory Service announced plans to discuss the regulation of NFTs. South Korea is considering reclassifying NFTs as virtual assets, broadening the scope of regulatory oversight to include NFT issuers and distributors. This move would subject NFTs to similar stringent regulations faced by cryptocurrency service providers in the country.

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