OpenSea bans selling NFTs based on staking ETH

Why is OpenSea the most popular NFT marketplace?
Why is OpenSea the most popular NFT marketplace?

The Ether.Fi platform team announced that the OpenSea marketplace banned the sale of NFTs secured by staking Ethereum.

Ether.Fi allows you to create a non-fungible token for each generated validator when staking the second largest cryptocurrency by capitalization. According to the idea of ​​the project, users who blocked ETH should receive deductions for each NFT sale.

Protocol CEO Mike Silagadze stated that 3,000 NFTs were issued per day, backed by 6,200 ETH. After that, the tokens were put up on OpenSea.

However, after a while, the listings on the marketplace “inexplicably” disappeared. Ultimately, the trading platform responded in a “formal letter” that it does not allow the placement of NFTs that are “destined for financial activities.”

Silagadze noted that the collection is “just a wrapped ETH with a function PFP“.

“OpenSea operates a de facto unlicensed casino where people engage in ruinous gambling and spend millions on monkey pictures and the like. Apparently, all this is great and normal, but our collection, which actually has value, is prohibited because it is useful, ”he added.

In February, Ether.Fi raised $5.3 million in a funding round led by North Island Ventures and Chapter One.

The project positions itself as a decentralized solution, where the keys are controlled by users. By depositing funds, market participants receive NFTs with metadata.

Recall that Glassnode analysts reported the increased popularity of Ethereum staking on Lido Finance after the Shanghai update.

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