<img src="https://crypto.news/app/uploads/2024/01/crypto-news-OpenSea-option01.webp” />
OpenSea, the leading nft marketplace, recently removed the ethereum nft pass associated with the Fractional Uprising project, citing a violation of its policies against securities and options.
According to reports from DecipherThe team behind Fractional Uprising disputes the claim and states that their nft does not constitute a security offering.
In a recent cheep Accompanied by a video clip, Fractional Uprising expressed its discontent with OpenSea's decision to deactivate its collection, noting that while its project remains visible on the platform, trading and listing functionalities have been suspended.
Developers have expressed concerns about OpenSea's lack of clarity and transparency in its communications. Fractional Uprising representatives argue that their project description and offerings do not differ significantly from other nft initiatives and are frustrated by the lack of an appeals process.
The delisting comes against a backdrop of significant developments within the nft market. Last month, OpenSea CEO Devin Finzer signaled the company's openness to mergers and acquisitions, pointing to potential growth and diversification strategies.
Additionally, the nft landscape could soon experience regulatory changes. Today, the head of South Korea's Financial Supervisory Service announced plans to engage in discussions on nft regulation.
As major cryptocurrencies rise in speculation and value, South Korea is contemplating reclassifying NFTs as virtual assets. Such a move would expand the scope of regulatory oversight to include nft issuers and distributors, subjecting them to strict regulations similar to those faced by cryptocurrency service providers in the country.
