Amy Yang

It's sad, but @opensea is in the process of ruining all of our hopes for the $SEA airdrop. This is the leaderboard for 24hr OS XP. The guy at the top has dumped over 50 NFTs into bids and given OpenSea > $20k in fees in the last 24 hours. Basically the same is true for anyone near the top. All of these people are basically wash trading the same NFTs, dumping on each others bids to compete for points. Look through their activity and you'll see this: NFT hot potato. The NFTs that are dumped onto them, they dump onto someone else. Immediately. People are collectively paying hundreds of thousands of dollars in fees to earn XP every day. Imagine that money was being invested into the ecosystem instead of being siphoned out by opensea fees. It's just wash trading with more steps. Of course, @dfinzer / @opensea have said nothing about this yet because all of this volume is good for their bottom line. But clearly, it's coming at the cost of the communities they claim to serve. Floor prices for NFTs are red across the board. This is natural when the only listings are driven by wash-trade churn. (And of course, the artists/teams/builders get nothing). Can't wait until this is over.