Why OpenSea Removed All Solana Projects From Their Trending Page
Why OpenSea Removed All Solana Projects From Their Trending Page
Disabling SOL NFTs
The leading Ethereum NFT Marketplace OpenSea has just announced that they will temporarily be disabling all Solana projects from being visible on their trending page.
Through their Twitter account they stated: “We’re in the process of temporarily making Solana collections ineligible for Top and Trending on our homepage… We’ll provide more information as we explore a long term solution“.
We’re in the process of temporarily making Solana collections ineligible for Top and Trending on our homepage and stats page to avoid gaming of those rankings. We’ll provide more information as we explore a long term solution.
— OpenSea (@opensea) October 16, 2022
This decision was arguably a big deal to many in the community as Solana-based NFTs are the second biggest in the marketplace after Ethereum NFTs. Often times, major Solana projects like DeGods or Y00ts could be seen in the trending page ranking alongside some of the other biggest NFT collections like Bored Ape Yacht Club and CryptoPunks.
Read More: DigiDaigaku NFT Collection To Be Featured In A Super Bowl Ad!
The Reason Why
The reason for OpenSea’s decision to do this is most likely due to the sudden influx of fake, scam, and wash-trading-based Solana NFT projects that has been rising in the platform recently.
With the NFT space having been in a heated debate about 0% royalty fee projects, the community has been seeing quite the rise in wash-trading; a tactic where users trade NFTs back and forth between their own wallets to inflate the price of the collection artificially.
0% fees on marketplaces creates an environment for scammers and grifters to wash trade and create fake volume on collections.
If people really wanted 0% fees that bad, X2Y2 and Sudoswap would have more daily volume than Opensea. Spoiler alert, they don’t.
— hotlneblng.eth🍌 | 09090.eth (@hotlneblng_) October 15, 2022
Related: A Hacker Steals $100 million from Solana DeFi Trading Platform, Mango Markets
In order to avoid these NFT projects that have been inflated based on wash-trading, the OpenSea team has just decided to remove them from the trending page to help avoid users from seeing and investing in what most likely is, a scam collection.
Other Marketplaces
But OpenSea isn’t the only marketplace that’s suffering with an influx of wash-trading collections. Solana’s biggest NFT marketplace, Magic Eden has also been seeing its trending pages filled with collections that have been surging through artificial means.
This 0% royalties pushed us even further away…
Nothing on magic edens homepage is accurate, its all wash trading, dont fomo or look at volume being traded, its fabricated.
— Jakey.sol | tD 🔔 (@SolJakey) October 16, 2022
Related: Kraken Remains “Bullish on the NFT Space” Despite Drop In Trading Volume
This is most likely due to the fact that just a few days ago, Magic Eden changed their policies and system so that royalty fees for projects are completely optional. With the option of turning royalties off, scammers are now able to wash trade more easily as they won’t spend much of their funds on what used to be spent on royalty fees.
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