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OpenSea accepts employee resignations, will launch an app! Founders of Uniswap and Yearn explore the NFT trading market.

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OpenSea accepts employee resignations, will launch an app! Founders of Uniswap and Yearn explore the NFT trading market.

OpenSea's product lead, Nate Chastain, was accused of profiting from trades before projects were listed on OpenSea based on insider information. OpenSea confirmed improper conduct by an employee, implemented rules on conflict of interest, and the said employee has since resigned. Following this incident, it sparked discussions within the community on the "decentralized NFT market," with Uniswap founder Hayden Adams and Yearn founder Andre Cronje both showing interest in the NFT trading market.

OpenSea Accepts Resignation, Quickly Announces Upcoming App Release

OpenSea announced on the 16th that an employee has submitted their resignation, which has been accepted by the company. They have also engaged a third-party company to investigate and research how to strengthen controls. Nate Chastain, the product lead who was rumored to be involved in improper transactions, has changed his Twitter bio to reflect "Past at OpenSea."

Backed by heavyweight players in the industry such as Coinbase Ventures, Blockchain Capital, Mark Cuban, and a16z, OpenSea did not let this scandal linger for too long. They immediately announced that they will be launching an app on Google Play and the Apple App Store this week.

Lucrative NFT Trading Market, Uniswap, AC Ventures

According to data from Dune Analytics, OpenSea's trading volume is remarkable, reaching $30 billion in August and $18 billion so far in September.

OpenSea is also the Ethereum protocol that consumes the most Gas Fee, with revenue in the past 30 days comparable to Axie Infinity.

There are many competitors in the NFT trading market, with centralized exchanges such as Binance, FTX, and Crypto.com entering the fray, and DeFi protocols starting to make their voices heard.

Uniswap founder Hayden Adams initiated a survey asking the Uniswap community whether Uniswap Labs, the development company behind Uniswap, should do more in the NFT space. At the time of the survey deadline, 3,590 people had voted, with 56.6% hoping that Uniswap would engage in NFT application development.

Yearn founder Andre Cronje has been actively involved in the open-world game Rarity on the Fantom blockchain and has facilitated a collaboration with the Ethereum-based text NFT project Loot, resulting in an NFT cross-chain bridge between Ethereum and Fantom. Andre Cronje also showcased the Fantom trading platform Artion on Twitter, attempting to open up a new market on Fantom.

https://twitter.com/AndreCronjeTech/status/1438514932820037632

Furthermore, SushiSwap, which announced in July that it would launch an NFT trading market, finally updated on Twitter indicating that they will soon announce their first artist this week.