Opensea’s highly anticipated OS2 update and its $Sea Sea Doken Airdrop launch have caused widespread controversy in the NFT community.
With OS2, users can now earn XP through bidding and listing NFTS, a system designed to distribute $Sea Bodkens in the upcoming Airdrop. However, traders quickly identified the game system’s approach, thereby making the NFT’s high frequency flip with minimal losses to maximize its XP rewards.
This has raised an increasing concern about the number and expense of Opensea’s priority on the long-term health of the NFT ecosystem.
Source: Wales Wash (x)What is the community response?
At the heart of the controversy is Opensea’s XP system, which rewards traders with bids and listing NFTs instead of making real purchases. This led to an explosion of high-frequency trading, with top XP farmers flipping NFTs in seconds, pushing market volume to artificial highs while causing significant damage to NFT floor prices.
Waleswoosh describes it as “cultivation on steroids” as he highlights the period when Opensea lacks a period of cooling (a fuzzy period of measures implemented in the past to measure excessive washing transactions), and points to a farmer executing a fast transaction To minimize the loss of XP accumulated XP. According to the Post, the trader was able to pass the NFT bid cycle, dumping it in 24 seconds while paying only $5.38 per transaction.
Many believe Opensea’s strategy is an urgent action to increase participation and ensure investors’ returns, and more members are criticizing the platform for prioritizing revenue from the NFT ecosystem, calling it an “absolute shame” that the platform replicates Blur’s agricultural mechanism without considering collectors and creators.
The frustration responded further as another member described the upcoming $Sea Airdrop as a “last-minute liquidity game before the end of the cycle.”
Source: Devin Finzer (X)How does Opensea respond to the controversy?
Despite the outcry, Opensea did not directly address these issues.
Co-founder Devin Finzer briefly commented that the XP reward is more than just bidding and listing, but has not provided more details on how the company plans to alleviate concerns about WASH deals and falling floor prices.
Currently, Opensea bets on agriculture-based incentives are pushing the NFT market to another high-risk cycle. Whether the platform hears the community and adjusts remains to be seen, but as history has shown, Blur’s previous agricultural seasons suggest that unchecked speculative trading could cause lasting damage to the NFT ecosystem.
