• OpenSea Announces Release of NFT Marketplace App

  • OpenSea, the largest marketplace for non-fungible tokens (NFTs) on the planet, has announced a new app for buying and selling digital collectibles.

    It was only a matter of time before OpenSea released the app, but some are questioning the timing of its debut. Despite considerable controversy surrounding the recent insider trading scheme, the app is set to launch this week on Google Play and the Apple Store.

    Nonetheless, OpenSea is moving forward with plans to roll out the app to its hundreds of thousands of user base. According to an OpenSea blog post, the new app will allow users to connect their current profiles and discover new NFTs through an advanced search feature.You will be able to save your favorite NFTs and view various favorites and statistics for each item.

    The blog goes on to talk about other new features that OpenSea will be adding to its desktop site. The upgrades include easier bidding on NFTs, the ability to create digital art without having to create an official collection, and a streamlined listing process. The new listing process is designed to reduce the confusion that many first-time users struggle with as they go through the three-step process.

    The timing of the app launch is questionable

    While the product is a big step forward for the NFT market, it comes in the wake of the controversy surrounding a senior employee’s insider trading scheme.

    The scheme involved OpenSea’s head of product, Nate Chastain.Chastain allegedly used his knowledge of which NFTs would feature prominently on the site to buy them before they were publicly offered. Chastain would then turn around and sell those NFTs for a quick profit.

    The scam went unnoticed until a recent Twitter post pointed out that Chastain ran several secret wallets and bought them before the headlines went public.

    OpenSea quickly responded via a blog post, confirming that “one of our employees” did make an extra buck using insider information. The blog did not explicitly name Chastain, but transaction records published on Twitter showed that he was behind the scandal.

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