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OpenSea Puts the Brakes on "Staked-Ether" Backed NFT Trading!

By Louky | THE CRYPTO-DEV JOURNAL | 20 Jul 2023

OpenSea Puts the Brakes on "Staked-Ether" Backed NFT Trading!

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Hold up, folks! In a bombshell announcement, Ether.Fi got the boot from OpenSea, the mega digital marketplace for NFTs.

They launched their own collection of "staked-ether" NFTs, you know, NFTs backed by locked-up ETH, and it blew up big time!

But wham, OpenSea shut them down without warning. What a mess!

Mike Silagadze, the big boss of Ether.Fi, couldn't figure out what happened. He dropped an open letter on Medium like, "Hey, guys, we launched our NFT collection, and it disappeared from OpenSea outta nowhere!" No heads up, no nothing, just poof, the collection vanished!

OpenSea's excuse was their policy, like they ain't into complicated financial stuff, you know? No licenses or registrations, that's a no-go zone for them.

The OpenSea spokesperson shot back the typical email response: "We only allow what's in our terms of use. If it's fishy, we cut it off, period!" These guys are tough as nails, I tell ya.

But Mike didn't back down! He went all-in, saying their "staked-ether" NFTs are the real deal! Like, "Hey, we're bringing the heat with locked-up ETH and tons of PFPs!" PFPs are like cool avatars for the online scene, you dig?

He even called them an underground casino, can you believe it? Like, they're playing with millions for monkey pictures, you know, those Bored Ape Yacht Club NFTs. And here's OpenSea saying useful collections are a no-no. What's with that, seriously?

So now, the Ethereum users who were staking with Ether.Fi are stuck with their blocked NFTs. They're wondering what the heck to do, poor souls. Everything's a blur, it's a real panic!

Mike, he loves to show off the contrast between Ether.Fi and the rest. He's claiming they're the only true non-custodial protocol, with full control over their keys. That's some real power move, right there!

Long story short, OpenSea brought the hammer down, and Ether.Fi is left wondering what's next.

It's all unknown territory for the NFT holders of Ether.Fi. One thing's for sure, this NFT game ain't over yet, folks! ๐Ÿ‘Š๐Ÿ’ฅ


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