Ethereum's EtherFi condemns OpenSea's 'most aggressive stand'

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Ethereum's EtherFi condemns OpenSea's 'most aggressive stand'

NFT Marketplace Cites TOS Violations Despite collaboration with Liquid Staking Protocol prior to collection's launch.

Liquid staking protocol EtherFi has published an open letter condemning OpenSea after the NFT marketplace suddenly halted the trading of the company's EtherFan collection last week, featuring NFTs backed by staked ETH.

The two companies had been collaborating on the EtherFan launch for weeks before the collection's deployment, with a marketing strategy that was based on secondary market sales and cross-promotion.

The first mint of EtherFi has been launched, with 1,000 nFTs minted out in minutes.

The team was dismayed to find that listings had disappeared from the market within 24 hours of EtherFan's deployment on OpenSea, leaving them without any explanation or clarification.

Silagadze said that attempts by the team to list their own NFTs produced an error code.

The largest competitor of OpenSea, Blur, was not an option for EtherFi as Blur's platform currently lacks support for ERC1155 tokens, which is the token standard used by EtherFan NFTs.

EtherFi, in a letter to OpenSea exclusive to The Defiant, condemned the NFT marketplace's actions.

Despite verbal assurances and the creation of a telegram group promising a cross-promotional marketing campaign, Silagadze said radio silence was what the team got in response from OpenSea for nearly a week following pulling trading support.

The Defiant did not directly respond to the investigation regarding the EtherFan collection as to whether or not the company views ETH as a security risk. The statement did not come close to the statement, which said: 'The company has received apprehensions about the situation.

Silagadze said OpenSea's stance was 'frustrating as hell' and 'the most aggressive stand that even the SEC hasn't taken. He added that other government agencies such as the Canada Revenue Agency and the Ontario Securities Commission have 'explicitly said ETH staking is not a security'.