OpenSea’s product chief is out after insider NFT flipping accusations

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OpenSea’s product chief is out after insider NFT flipping accusations

OpenSea head of product Nate Chastain, who was recently accused of a form of NFT insider trading, appears to no longer be working for the company. His Twitter bio now includes the phrase “Past: @opensea.” OpenSea has not publicly named the employee involved in the incident, but CEO Devin Finzer says the NFT trading platform asked for and received their resignation.

Yesterday, Finzer put up a blog post saying an employee used knowledge gained from working at the company to purchase NFTs that were about to be posted to the popular trading site’s homepage (and would thus likely go up in value). While an investigation is apparently still ongoing, OpenSea does say that it’s implemented clearer rules to prevent employees from doing this kind of thing in the future.

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NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games. An NFT can either be one-of-a-kind, like a real-life painting, or one copy of many, like trading cards, but the blockchain keeps track of who has ownership of the file.

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