When we launched OpenSea, there was only one collection on our platform: CryptoKitties. Today, there are 20 million NFTs to discover on OpenSea. We owe this growth to the vibrant community of creators and collectors who use our platform every day, and we have a strong obligation to this community to move it forward responsibly and diligently. The behavior of one of our employees violated that obligation and, yesterday, we requested and accepted his resignation.
We do not take this behavior lightly. Upon learning of this conduct, we immediately commissioned a third party to conduct a thorough review of the incident and make recommendations on how we can strengthen our existing controls. That review is ongoing but we are committed to quickly implementing its recommendations.
NFTs enable something incredible that never existed before: they allow us to own things (like game items, digital art, event tickets, or collectibles) in the digital world, just like we own them in the physical world. This fundamentally changes the Internet in a way that requires strong values, organized conduct, and transparency. As a marketplace at the forefront of this new space, we want OpenSea to be a level playing field for buyers, sellers, creators, collectors, developers, and those who are new to the space. We are incredibly thankful for the support of our community, and will continue to invest in practices and policies that keep our platform open and transparent. We’ll continue to proactively provide updates as we evolve our policies and increase transparency in all that we do.
Original post (9/15/2021)
Employee information use at OpenSea
Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly.
This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough third party review of this incident so that we have a full understanding of the facts and additional steps we need to take. We have also implemented the following policies:
- OpenSea team members may not buy or sell from collections or creators while we are featuring or promoting them (e.g. on our home page); and
- OpenSea team members are prohibited from using confidential information to purchase or sell any NFTs, whether available on the OpenSea platform or not.
For a new, more open internet that empowers creators and collectors, we will need to bake in trust and transparency into all that we do. We’re committed to doing the right thing for our users and earning back the trust of the community we serve.