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Opensea

All articles tagged with #opensea

business2 years ago•1 min saved

OpenSea Investor Takes Massive 90% Hit on Platform Stake: Report

Coatue Management, a major investor in OpenSea, has marked down its investment in the nonfungible token (NFT) platform by 90%, reducing its stake from $120 million to $13 million. This implies that OpenSea's valuation has fallen to $1.4 billion. Coatue also marked down its investment in Web3 payment provider MoonPay by the same percentage. The markdown comes amid a slump in NFT trading volumes, with OpenSea recently announcing a 50% reduction in staff as part of its plan to relaunch as OpenSea 2.0. The platform's CEO stated that the focus will be on upgrading technology and increasing speed and quality.

via Cointelegraph|

#business #coatue-management #investment

business2 years ago•0 min saved

OpenSea's Valuation Plunges 90% as Coatue Slashes Stake Value

Coatue Management, a major investor in OpenSea, has reduced the value of its stake in the struggling non-fungible-token marketplace by 90%, implying a valuation of $1.4 billion or less. The markdown reflects a reassessment of investments made during the crypto boom, as the market has deteriorated. OpenSea had previously been valued at $13.3 billion in a funding round led by Coatue and Paradigm.

via The Information|

#business #coatue-management #crypto-boom

technology2 years ago•8 min saved

"NFT Exchanges Shift Away from Artist Royalties, Sparking Requiem for Recurring Compensation"

OpenSea, once the leading marketplace for NFTs, has abandoned its policy of mandatory royalty payments to NFT creators, losing market share to no-fee competitor Blur. The decision comes as NFT trading volume has plummeted and prices for computer-generated art linked to NFTs are plunging. Blur's lack of platform fees and optional royalty agreements have attracted sellers and buyers, while OpenSea's share of the struggling NFT market has dropped to under 30%. The loss of royalty payments is likely to have the most significant impact on smaller creators who relied on the income, and the regulatory scrutiny of royalty payments by the SEC adds further uncertainty to the NFT market.

via Forbes|

#art-market #blur #nfts

legalcrime2 years ago•1 min saved

Former OpenSea Executive Sentenced to 3 Months in Prison for NFT Insider Trading

Nate Chastain, the former head of product at OpenSea, has been sentenced to three months in prison for insider trading. Chastain made over $50,000 by buying and selling NFTs he knew would be featured on OpenSea's homepage, using anonymous wallets and accounts to conceal his purchases. The lenient sentence was attributed to Chastain's modest earnings from the trades. He will also face three months of home confinement and three years of supervised release after his prison term.

via CoinDesk|

#insider-trading #legalcrime #nate-chastain

cryptocurrency2 years ago•1 min saved

Elon Musk's Influence on Dogecoin Prices and Warnings

Prices of the Milady NFT collection, which surged after receiving acknowledgment from Elon Musk, have retracted gains and are now back at prices before Musk’s tweet. This price action is similar to that seen in Dogecoin, which typically spikes whenever mentioned by Musk, but experiences short-lived jumps followed by a gradual sell-off.

via CoinDesk|

#cryptocurrency #dogecoin #elon-musk

cryptocurrency2 years ago•1 min saved

Former OpenSea Manager Found Guilty of Insider Trading with NFTs

Nathaniel Chastain, a former product manager at OpenSea, has been convicted of fraud and money laundering for using inside knowledge of which assets would be featured on its home page to trade NFTs. He was accused of buying NFTs he had decided to feature on the OpenSea website and selling them shortly afterward to make more than $50,000 in illegal profit, in what federal prosecutors in Manhattan described as the first insider trading case involving digital assets.

via Reuters|

#cryptocurrency #fraud #insider-trading

cryptocurrency2 years ago•1 min saved

Former OpenSea Manager on Trial for Alleged NFT Insider Trading

Nathaniel Chastain, a former product manager at OpenSea, is facing charges of insider trading in the first criminal case of its kind involving non-fungible tokens (NFTs). Prosecutors allege that Chastain secretly bought NFTs based on confidential information that the tokens would soon be featured on OpenSea's homepage, and then profited illegally by selling them shortly thereafter. Chastain's trial is expected to last one to two weeks, and his lawyers argue that his actions were not insider trading and that the information he accessed had no inherent value to the company. The case could have broader implications for assets that do not fit into existing regulations preventing trading on material nonpublic information.

via Reuters|

#cryptocurrency #digital-assets #insider-trading

business2 years ago•2 min saved

Former OpenSea Manager on Trial for Alleged NFT Insider Trading

The trial of ex-OpenSea product manager Nathaniel Chastain, who was arrested for wire fraud in connection with an alleged insider trading scheme involving non-fungible tokens (NFTs), is set to begin this week. Prosecutors claim Chastain used confidential business information at OpenSea to buy and resell NFTs for profit. Chastain's lawyers argue that his actions did not constitute insider trading as the information obtained presented no value to OpenSea. If convicted, Chastain faces a maximum of 20 years in prison.

via Gizmodo|

#business #fraud #insidertrading