Twitter users urged social media not to rely on NFT marketplace due to frequent accusations of incompetence
Twitter is still working on supporting non-fungible tokens (NFT) for on-network avatars. The head of the company’s consumer marketing department, Justin Taylor, announced this on his page. He noted that while there are no clear plans for the release of the innovation. At the same time, Taylor added that the social network plans to use only API from the OpenSea marketplace for verification of tokens.
However, the cryptocurrency community did not appreciate such revelations. Users emphasized that OpenSea has long “lost competence” in token verification due to shifts within the team. Also, some were puzzled by Twitter’s desire to rely on a centralized source of data verification in the face of the general trend of decentralization.
“It’s weird as hell, you have an open, decentralized ERC-721 blockchain standard, but you [твиттер] we decided to use a centralized API, ”wrote the user @S_Rank_lvl.
Others felt that companies were simply too lazy to develop their own decentralized solutions. The skepticism of the community regarding OpenSea is due to the repeated scandals around the marketplace.
Read also: Instagram is exploring the possibility of implementing NFT
For example, the NFT site has been repeatedly accused of censorship in the past. Oftentimes, OpenSea does not provide any explanation at all for the decisions made. In addition, some suspected the site of money laundering.
Analysts at The Defiant have found that bots can control the auction system on OpenSea. Experts noted that cryptocurrency addresses cancel orders too often: for example, out of a thousand transactions through the OpenSea contract, more than 250 are canceled. Industry analyst Mike Dudas believes this is the result of bot activity. How OpenSea puzzled the NFT community with plans for an IPO – read the material of the BeInCrypto editorial staff.
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