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OpenSea, one of the largest non-fungible token market platforms, has suspended its XP reward program for bidding and listing NFTs after receiving a strong community backlash. Earlier this week, the NFT marketplace launched its updated marketplace “OS2” and started allowing users to earn XP tokens through bidding and listing NFTs. The XP reward program stirred a heated discussion on X (formerly Twitter,) causing many non-fungible token floor prices to plunge. In a February 18 blog post, Dfinzer, the Chief Executive Officer of OpenSea NFT marketplace, confirmed that he and his team have halted the XP reward system for bidding and listing NFTs in the platform after receiving massive crypto community backlash. The NFT marketplace OpenSea launched its highly anticipated updated marketplace “OS2” alongside its native token $SEA over the past week. At the time, the market platform announced an upcoming token airdrop. As part of its upcoming airdrop, the team started allowing crypto users to earn XP tokens by bidding and listing NFTs. Unfortunately, traders quickly identified ways of manipulating the XP system, including engaging in high-frequency flipping of NFTs with minimal losses to maximize their XP rewards. This illegal practice led to high-frequency trading, with top XP farmers flipping NFTs in seconds. This form of wash trading pushed the marketplace volume to artificial highs, causing significant damage to NFT floor prices. In response to deteriorating floor prices, the global NFT community criticized OpenSea for prioritizing volume and fees over the long-term health of the NFT ecosystem. The OpenSea marketplace team has responded to this illicit practice by a group of farmers and halted the farming system. While addressing the controversy, Dfinzer remarked: “We understand that there are a lot of strong emotions towards point systems, and that the NFT market as a whole is in a unique spot right now. we’re building OS to support this space long term, so we’re pausing this part of the rewards program while we think through the best path forward.” Before summarizing, the top OpenSea executive shared that the second round of shipments is now going out to a subset of users who bought NFT collections on the OS2. But this time, the reward system is improved, with XP multipliers given to NFT holders who have held an NFT from a top volume project for over 3 months. The NFT community has embraced this formula. In response to the recent OpenSea update, many NFTs have recorded some positive growth.

Kain Warwick, the Australian founder of Synthetix and Infinex, said the current meme coin frenzy reminds him of the initial coin offering (ICO) craze of 2017-2018. In a detailed post on X (formerly Twitter), the crypto entrepreneur talked about how similar the two events are, trying to get investors’ attention about market conditions. Warwick pointed out that both trends, meme tokens and ICOs, came about because of structural inefficiencies in the industry—ICOs did well because of the high barriers of traditional fundraising, while meme coins have risen as a counter to venture capital (VC) manipulation in crypto funding rounds in 2021. In Warwick’s view, the problem isn’t the meme coins themselves but the lack of control over how they are launched, which leads to a space dominated by bad actors. ICOs, he recalls, were ultimately shut down by regulators, which prevented further damage but also stopped innovation. However, meme coins are unlikely to face the same regulatory crackdown, which makes a unique opportunity for self-regulation possible within the ecosystem. Related: Altcoins Revisit 2021 Rally Patterns; Market Eyes Next Breakout One of Warwick’s main worries is that important infrastructure in crypto is being taken over by bad actors. He described a recurring cycle in crypto history: He argues that with ICOs, paid influencers had a big part in pushing scam projects. Today, the same pattern is showing up with meme coins, where high-follower accounts are being paid to promote contract addresses (CAs), effectively running modern-day pump-and-dump schemes. Warwick thinks that self-regulation is the only way forward. He suggested that the crypto community—especially in the Solana ecosystem, where meme coins are very common—must tell the difference between real innovation and exploitative schemes. Related: Smaller Altcoins Are Grabbing Crypto Liquidity. Is This a New Market Power Play? He suggested a platform that can track market awareness and offer a structured environment for fairer launches. He mentioned Kaito as a potential candidate, even though he knows that the challenge is convincing influential figures to adopt better practices. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Blockaid secures $50M to combat rising crypto cyber threats Crypto security firm Blockaid raised $50 million in a Series B round led by Ribbit Capital, with participation from GV, Variant and Cyberstarts, according to Bloomberg. The funding comes as cyber threats in the digital asset space grow, with crypto hacks reaching $2.2 billion in 2024. Blockaid, which prevented 71 million attacks last year, plans to use the funds for expansion, R&D and doubling its workforce.