OpenSea is currently under fire for freezing stolen NFTs worth $1.9 Million but OpenDAO says they have a better solution. According to OpenDao core contributor, @9x9x9eth $SOS tokens are the perfect medium for asset recovery.
Todd Kramer shared on Twitter that he lost his entire NFT portfolio to a phishing attack. He clicked a link thinking it was a genuine NFT dapp. The owner of Ross+Kramer art gallery ended up losing his eight Bored Apes, seven Mutant Apes and a single Clonex NFT. Fortunately, OpenSea stepped in to assist him by freezing the NFTs. The platform’s move is being highly criticized and receiving huge community backlash.
OpenDAO will be happy to contribute our part if @opensea willing to use $SOS as a governance token to vote on a case like this. Fair + Transparency + Community https://t.co/QwvoKy5Qn0
— 9x9x9🆘 (@9x9x9eth) January 2, 2022
OpenSea and OpenDao Collaboration?
While everyone’s happy that Kramer recovered his NFTs, the 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.
As Twitter user Forculus puts it, “Feels pretty anti-crypto to be asking third parties to do this and ideally they shouldn’t be able to. True decentralized ownership no one should be able to step in.”
OpenDAO made headlines when it airdropped $SOS tokens for anyone who has ever traded at OpenSea since its launch. Now it looks like they are also gunning for utility. @9x9x9eth shared that they are willing to contribute if OpenSea will use $SOS as a governance token to vote on cases like Todd Kramer’s. He described it as the perfect scenario because it would be fair, transparent and the community would have the final say.
Leading crypto and NFT thought leader @coinbureau made his stand clear on the issue. He tweeted, “Don’t get me wrong. I’m glad he recovered his NFT and in the circumstance, it was the right action. But who determines these actions going forward? Would far rather it was a DAO with community vote that determined asset recovery…”
More Utility for $SOS Tokens?
After the OpenSea airdrop, traders were able to claim a decent amount of ETH. Thanks to the bullish sentiments, the price saw a 1,270% surge at its peak. In addition, $SOS gave its holders a new reason to HODL their tokens! OpenDAO, the coin issuer, named X Marketplace as its latest partner. So users will soon be able to buy NFTs with their $SOS on X Marketplace.
Basically, X Marketplace will be giving 25% of its tokens to the $SOS community. Then, users will soon be able to stake their $SOS to claim veX tokens that give governance rights and a 100% share of the X Marketplace’s fees.
As of press time, OpenSea and OpenDao don’t have a formal partnership despite the airdrop. Given the circumstance, token holders are speculating if things will change and $SOS will have a utility on OpenSea.
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