OpenSea has determined to pause its new XP reward system after receiving unfavorable suggestions from customers.
The non-fungible token (NFT) market launched the system as a part of the beta launch of its up to date platform, OS2, on January 28. Customers may earn XP factors, which might later decide their eligibility for an upcoming SEA token airdrop.
Nonetheless, many in the neighborhood criticized the system, arguing that it inspired wash buying and selling and favored merchants over creators and builders.
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NFT collector @waleswoosh in contrast OpenSea’s XP system to Blur’s farming mechanics however claimed it was much more aggressive. They identified that high merchants had been repeatedly promoting NFTs backwards and forwards to build up XP with out actual monetary danger.
Some customers shared examples of how a lot this technique was benefiting merchants. @stonkrates identified that high merchants had been primarily “wash buying and selling the identical NFTs, dumping on one another’s bids to compete for factors”.
Except for buying and selling issues, others felt the system ignored artists, builders, and creators contributing to the NFT ecosystem. @HelloBenWhite criticized the XP reward system, saying it had “zero consideration” for these teams.
In response to the backlash, OpenSea CEO Devin Finzer introduced that XP rewards for itemizing and bidding could be suspended. As a substitute, the platform will deal with XP shipments, a brand new mechanism launched on February 14.
OpenSea lately denied hypothesis about rumors of an NFT airdrop. What did Finzer say about it? Learn the complete story.
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