OpenSea Faces Massive Criticism After Promoting Fatzuki NFTs On X

Updated: 26 November 2023

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OpenSea, one of the largest digital market platforms for non-fungible tokens, has suffered yet another massive criticism from the members of Crypto X after directly promoting Fatzuki NFT collections on X. Several members of Crypto X have accused OpenSea of possible rug pull plans.

OpenSea Faces Massive Criticism

On November 25, the OpenSea NFT marketplace promoted the Fatzuki NFT collection on X, formerly known as Twitter, through a now-deleted blog post. The NFT marketplace reckless tweet has pushed the sales of the Fatzuki NFT collection to the moon.

Opensea 2021: $300 million volume in one day

Opensea 2023: shilling cheap rugs to pay for the 5 employees they have left pic.twitter.com/8Nk3BSkD3z

— MenaceToSociety 🥶 (@NFTsAreNice) November 26, 2023

The promotion tweet from OpenSea appeared just a few weeks after the NFT marketplace laid more than 50% of its employees. The combination of the two events has left some members of X wondering about the real intentions of the NFT marketplace.

5/9
So we took a step back and reimagined our operating culture, product, and tech from the ground up.

And today, we’re re-orienting the team around “OpenSea 2.0,” a big upgrade to our product – including the underlying technology, reliability, speed, quality, & experience.

— Devin Finzer (dfinzer.eth) (@dfinzer) November 3, 2023

Data compiled by CoinGecko.com, an on-chain market data aggregator, indicates that Fatzuki is up 519% on its floor price in the past 24 hours. Fatzuki is an NFT collection from the digital asset firm and Azuki creator Chiu Labs, featuring a limited of 10,000 NFTs hosted on the Ethereum network.

The Fatzuki NFT collection was launched in July alongside other NFT collections, such as Azuki Elementals and Azuki Elemental Beanz. Unfortunately, despite being somewhat new in the market, these NFTs have suffered a brutal come down to zero in the past several months.

Fatzuki NFT Floor Price Pumps +500%

Following OpenSea’s tweet on X, the floor price of Fatzuki once soared from zero to 0.019 ETH in just hours. The NFT market platform’s tweet has attracted the attention of a renowned on-chain sleuth, ZachXBT. While commenting about the tweet, ZachXBT remarked:

Is the intern trying to create exit liquidity?

The project hasn’t made a tweet since July 2023. pic.twitter.com/oLiagZjkwU

— ZachXBT (@zachxbt) November 26, 2023

In the meantime, the real intentions of OpenSea in promoting the Fatzuki NFT collection are still unknown since the NFT marketplace knows well the implications and consequences of such a tweet in the NFT market. Previously, former OpenSea product manager Nate Chastain was sentenced to three months in prison and a $50,000 fine in an insider trading case.