OpenSea Blacklists Popular NFTs Worth $27M

Ayush Pande
09.07.2022

OpenSea, a big-name marketplace that allows users to trade NFTs, blacklists NFTs that are worth $27M. As revealed by an on-chain sleuth called Beetle, these include NFTs from popular collections like Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Azuki, Moonbirds, Doodles, and CloneX.

Beetle compiled the tokens, transaction date, and token ID of the blacklisted NFTs on Dune and reported these NFTs were worth 24000 ETH (around $27M).

Why Were These NFTs Blacklisted?

Beetle claims that OpenSea blacklists NFTs reported as stolen to prevent users from trading them. Unfortunately, this means that many NFT collections were flagged as suspicious due to a rise in scams in the NFT scene.

Users’ Concerns

OpenSea users were dissatisfied with the platform’s actions and took to Twitter to voice their opinions. Many claimed that it was unfair of OpenSea to block their NFTs.

Anyone can report their NFTs as stolen, and OpenSea delays blacklisting of said NFTs. Unsuspecting buyers might purchase an NFT that was reported as stolen, only to have their NFT flagged later by the platform. 

Although the flagged NFTs can be sold on another platform, their value gets tanked by 20-30% after OpenSea flags them. Since users cannot know if an NFT is reported as stolen before the purchase, it leads to enormous losses on their NFTs.

Recently, OpenSea came under fire when it reported a breach in its email database, which led to users receiving phishing emails from fake websites.

Stay on the pulse of NFTS

Gain access to exclusive interviews with industry leaders, think pieces, trend forecasts, guides and more

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
By subscribing, you agree to our Terms of Use and Privacy Policy

READ THIS NEXT

LATEST QUESTIONS
No items found.