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How OpenSea Cornered The $17 Billion Market For NFTs

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NFTs have been taking over the art world. And at the center of the $17 billion NFT market is a company called OpenSea.

OpenSea is the Amazon of NFTs, or non-fungible tokens. It’s an online marketplace that allows people to easily create, sell and buy NFTs. It’s one of the largest NFT trading platforms with more than 1.5 million active users, according to Dune Analytics.

This past January was OpenSea’s busiest month yet. It recorded a monthly trading volume of nearly $5 billion, surpassing its previous high in August of 2021.

Alongside that explosive growth, however, the platform also has faced scrutiny for user complaints on the platform related to scams and plagiarism. Crypto-related crime soared nearly 79 percent in 2021 year over year, according to data from Chainalysis.

“We’ve been looking at market manipulation, wash trading and plagiarism and then your run-of-the-mill phishing scam, which is also something that has been coming into the NFT space,” Kim Grauer, director of research at Chainalysis, told CNBC. “So, we do see that kind of connection with scamming in the overall market activity.”

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In an email to CNBC, an OpenSea spokesperson said: “We prioritize the trust and safety of all people on OpenSea, and are working hard to make sure that creators, buyers, and sellers alike feel supported by our policies, tools, and service.”

Competition in the NFT space has also been heating up as regulators pay more attention to the crypto industry. So what’s next for the world’s largest NFT marketplace? Watch the video above to learn more about the rise of OpenSea and what it could mean for the growing NFT industry.

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How OpenSea Cornered The $17 Billion Market For NFTs


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  10. Opensea is a scam. The nfts are not even on the blockchain. The nfts on chain only points to the website url, and if that url goes down, your nft is gone.

  11. World War III Has Begun; How It Unfolds Depends on Us

    We think of the Russia-Ukraine war as a local conflict, but it is much more than that; it is a global war on multiple fronts. The war is not only a military conflict; it is also an economic war of attrition. With skyrocketing gas prices and shortage of staples, people all over the world are feeling the consequences of the war.

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  14. Art and NFTs are just places where wealthy people park their money. To the cast majority of people they're meaningless. Honestly we should just confiscate their assets and redistribute to everyone else or offset tax burdens.

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