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Home»TRADING NEWS»OpenSea is facing backlash after scrapping NFT Pass from Fractional Rising.
TRADING NEWS

OpenSea is facing backlash after scrapping NFT Pass from Fractional Rising.

By Crypto FlexsFebruary 26, 20242 Mins Read
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OpenSea is facing backlash after scrapping NFT Pass from Fractional Rising.
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Leading NFT marketplace OpenSea recently removed Ethereum NFT passes associated with the Fractional Rising project, citing violations of its policies on securities and options.

According to a report from Decrypt, the Fractional Uising team disputed this claim, arguing that NFTs do not constitute a security service.

In recent years Twitter Along with a video clip, Fractional Uising expressed their displeasure with OpenSea’s decision to disable collections, noting that while their projects remained visible on the platform, trading and listing features were paused.

3 weeks after we were removed without appeal; @opensea We promote a VC-backed studio doing the same thing we started three years ago. The logo has also been changed to match!

We built the studio from the ground up as two people with one mission: We didn’t set out to win, we started out… https://t.co/EvyBr7eOSI

— Fractional Uprising Studio (@FU_STUDIOS) February 23, 2024

Developers have expressed concerns about OpenSea’s lack of communication clarity and transparency. Fractional Rising representatives claim their project description and proposals are not much different from other NFT initiatives and are frustrated by the lack of an appeals process.

The delisting unfolds against the backdrop of significant developments within the NFT market. Last month, OpenSea CEO Devin Finzer signaled the company’s openness to mergers and acquisitions, hinting at potential growth and diversification strategies.

Additionally, the NFT environment may soon experience regulatory changes. Today, the head of the Korea Financial Supervisory Service announced plans to participate in discussions on NFT regulation.

As speculation and value of major cryptocurrencies increase, Korea is also considering reclassifying NFTs as virtual assets. The move expands regulatory oversight to include NFT issuers and distributors, subjecting them to similar stringent regulations faced by cryptocurrency service providers in the country.

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