NFT influencer Beanie called out OpenSea for its current verification process, describing it as the “most puzzling” thing he’s seen lately.
Beanie is undoubtedly one of the most-followed NFT collectors on social media. On Twitter, he has over 167,000 followers. However, he is notorious for constantly getting into arguments with other notable crypto collectors. Back in Back in August, he exchanged tirades with Pranksy, the OG NFT collector and owner of NFTBoxes.io. Then, recently, Beanie got into a feud with fellow influencer Zeneca over accusations that the latter is charging too much for his private Discord Channel.
So naturally, he is not a forerunner in the “most liked” category. In fact, some consider him as the “most hated influencer” in the NFT space. However, in a surprising plot twist, the entire NFT community is backing him up on his latest hot take.
OpenSea criteria for verifying projects is the most puzzling thing I've seen lately. Projects with $100m+ volume not verified after pleading for weeks, and brand new projects with hardly any volume appear to get verified immediately. Makes no sense at all. Bring back Nate please.
— Beanie (@beaniemaxi) January 4, 2022
Beanie vs. OpenSea’s Verification Process
Beanie highlighted that there’s a huge disconnect in the verification process. For example, there are “projects with $100m+ volume not verified after pleading for weeks.” Meanwhile, “brand new projects with hardly any volume appear to get verified immediately.” In conclusion, for him, “it makes no sense at all.”
It appears Beanie really hit a chord in his tweet because Crypto Twitter echoed his sentiments. For example, @VGFreakXBL weighed in on the issue. He tweeted, “I’d settle for simply some clarity/guidance as to the qualifications of verification – it’s the lack of transparency and inconsistency that irks me.”
Although Beanie did not mention specific projects, the community filled in the blanks. Several users cited CryptoMories as the most egregious unverified project. As of press time, it has over 7000 ETH in tradeable volume or roughly $26 Million. To make things worse, the contract itself is verified but not the project. @starvs think that OpenSea straight up made an error and verified the wrong one and just won’t/can’t/haven’t gone back to fix it?
OpenSea is King?
The verification is not the only criticism against OpenSea. The platform was recently under fire for freezing stolen NFTs worth $1.9 Million. Their move sparked calls for a decentralized marketplace. OpenSea is a centralized marketplace meaning they have full control over transactions in the platform, such as asset recovery. Some users feel that this goes against crypto’s campaign for decentralization.
Despite, the issues, OpenSea remains King. In fact, it just announced a successful Series C funding. This round values the leading NFT marketplace at a $13.3 billion post-money valuation. In addition, the platform is now part of the elusive Decacorn status, merely five months since receiving its Unicorn title!
The good news is that the number of NFT platforms and marketplaces grows daily. We have compiled a list of NFT platforms to watch out for in 2022!