OpenSea receives criticism following removal of NFT Pass from Fractional Uprising
OpenSea, the prominent NFT marketplace, has recently taken down the Ethereum NFT pass associated with the Fractional Uprising project. The reason cited for this action is a violation of OpenSea’s policies regarding securities and options.
However, the team behind Fractional Uprising has contested this claim and argues that their NFT does not qualify as a security offering. They expressed their dissatisfaction with OpenSea’s decision in a tweet accompanied by a video clip. Fractional Uprising pointed out that although their project is still 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 communication. Representatives of Fractional Uprising believe that their project’s description and offerings are not significantly different from other NFT initiatives. They are frustrated by the absence of an appeal process.
The delisting comes at a time of significant developments in the NFT marketplace. Last month, OpenSea CEO Devin Finzer expressed the company’s willingness to consider mergers and acquisitions, indicating potential growth and diversification strategies.
Moreover, regulatory changes may be on the horizon for the NFT landscape. The leader of South Korea’s Financial Supervisory Service recently announced plans to discuss the regulation of NFTs. As major cryptocurrencies continue to gain speculation and value, South Korea is considering reclassifying NFTs as virtual assets. This would expand the scope of regulatory oversight to include NFT issuers and distributors, subjecting them to similar strict regulations faced by cryptocurrency service providers in the country.
Read more: South Korea to engage in discussions on NFT classification and Bitcoin ETFs with Gary Gensler. Follow Us on Google News.
